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semi-annual shareholder report
semi-annual shareholder report
semi-annual shareholder report
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semi-annual shareholder report
NEW YORK LIFE INVESTMENTS FUNDS
2026-04-30
NYLI Candriam Emerging Markets Debt Fund
Class A
MGHAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_612_9fe5616f_e2fe_8222_2f3c_54e8113f2f37;">semiannual shareholder report</span> contains important information about NYLI Candriam Emerging Markets Debt Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>58</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: 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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
58
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;">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 semiannual reporting periods 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 period 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 28, 2017, the Fund's principal investment strategies changed. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the graph and table prior to those dates reflects the Fund’s prior subadvisor, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371339.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">6/1/1998</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;">(3.06<span>)</span><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;">7.55<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;">1.23<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;">3.03<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;">1.50<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;">12.62<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;">2.17<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;">3.50<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;">JPMorgan EMBI Global Diversified <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;">2.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.79%</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;">2.60%</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;">3.86%</td> </tr>
<tr style="border-bottom-width: 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 Emerging Markets Bond 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;">3.21%</td>
<td style="break-inside: avoid-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;">13.09%</td>
<td style="break-inside: avoid-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;">2.92%</td>
<td style="break-inside: avoid-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;">4.01%</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;">Not annualized.</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 Fund has selected the JPMorgan EMBI Global Diversified Index to represent a broad measure of market performance. The JPMorgan EMBI Global Diversified Index is a market-capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.</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 Emerging Markets Bond Category Average is representative of funds that invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. 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
1998-06-01
-0.0306
0.0755
0.0123
0.0303
Class A Shares - Excluding sales charges
0.0150
0.1262
0.0217
0.0350
JPMorgan EMBI Global Diversified Index
0.0272
0.1379
0.0260
0.0386
Morningstar Emerging Markets Bond Category Average
0.0321
0.1309
0.0292
0.0401
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>56,748,344<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;">103<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;">75<span>%</span></td> </tr> </table>
56748344
103
0.75
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hungary Government Bond, 4.875%-7.625%, due 3/26/36-3/29/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic Government Bond, 4.875%-7.05%, due 2/3/31-1/21/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina Government Bond, 0.75%-4.125%, due 7/9/30-7/9/46</td>
<td style="break-inside: avoid-page; text-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;">Romanian Government Bond, 5.125%-7.125%, due 9/16/30-7/11/39</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; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt Government Bond, 6.588%-8.70%, due 2/21/28-2/16/61</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Mexico Government Bond, 3.75%-6.625%, due 5/7/36-4/19/71</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria Government Bond, 6.125%-10.375%, due 9/28/28-9/28/51</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey Government Bond, 5.75%-9.875%, due 1/15/28-5/11/47</td>
<td style="break-inside: avoid-page; text-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;">Chile Government Bond, 2.55%-5.65%, due 7/27/33-9/21/71</td>
<td style="break-inside: avoid-page; text-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;">Ecuador Government Bond, 6.90%-9.25%, due 7/31/30-1/29/39</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; padding: 6pt 3pt 3pt 3pt;">3.1<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;">Hungary</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina</td>
<td style="break-inside: avoid-page; text-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;">Romania</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">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;">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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey</td>
<td style="break-inside: avoid-page; text-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;">Chile</td>
<td style="break-inside: avoid-page; text-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;">Brazil</td>
<td style="break-inside: avoid-page; text-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;">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;">59.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hungary Government Bond, 4.875%-7.625%, due 3/26/36-3/29/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic Government Bond, 4.875%-7.05%, due 2/3/31-1/21/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina Government Bond, 0.75%-4.125%, due 7/9/30-7/9/46</td>
<td style="break-inside: avoid-page; text-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;">Romanian Government Bond, 5.125%-7.125%, due 9/16/30-7/11/39</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; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt Government Bond, 6.588%-8.70%, due 2/21/28-2/16/61</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Mexico Government Bond, 3.75%-6.625%, due 5/7/36-4/19/71</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria Government Bond, 6.125%-10.375%, due 9/28/28-9/28/51</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey Government Bond, 5.75%-9.875%, due 1/15/28-5/11/47</td>
<td style="break-inside: avoid-page; text-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;">Chile Government Bond, 2.55%-5.65%, due 7/27/33-9/21/71</td>
<td style="break-inside: avoid-page; text-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;">Ecuador Government Bond, 6.90%-9.25%, due 7/31/30-1/29/39</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; padding: 6pt 3pt 3pt 3pt;">3.1<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>
0.054
0.045
0.044
0.039
0.039
0.037
0.037
0.036
0.036
0.031
0.054
0.045
0.044
0.039
0.039
0.037
0.037
0.036
0.036
0.036
0.597
NYLI Candriam Emerging Markets Debt Fund
Class C
MHYCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_616_6c11b677_5294_d8b0_8bcb_d0322a3084da;">semiannual shareholder report</span> contains important information about NYLI Candriam Emerging Markets Debt Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>117</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;">2.35<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
117
0.0235
<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 semiannual reporting periods 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 period 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 28, 2017, the Fund's principal investment strategies changed. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the graph and table prior to those dates reflects the Fund’s prior subadvisor, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371341.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">9/1/1998</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;">(0.15<span>)</span><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;">10.29<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;">0.98<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;">2.37<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;">0.83<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;">11.29<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;">0.98<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;">2.37<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;">JPMorgan EMBI Global Diversified 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;">2.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.79%</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;">2.60%</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;">3.86%</td> </tr>
<tr style="border-bottom-width: 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 Emerging Markets Bond 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;">3.21%</td>
<td style="break-inside: avoid-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;">13.09%</td>
<td style="break-inside: avoid-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;">2.92%</td>
<td style="break-inside: avoid-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;">4.01%</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;">Not annualized.</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 Fund has selected the JPMorgan EMBI Global Diversified Index to represent a broad measure of market performance. The JPMorgan EMBI Global Diversified Index is a market-capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.</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 Emerging Markets Bond Category Average is representative of funds that invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. 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
1998-09-01
-0.0015
0.1029
0.0098
0.0237
Class C Shares - Excluding sales charges
0.0083
0.1129
0.0098
0.0237
JPMorgan EMBI Global Diversified Index
0.0272
0.1379
0.0260
0.0386
Morningstar Emerging Markets Bond Category Average
0.0321
0.1309
0.0292
0.0401
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>56,748,344<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;">103<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;">75<span>%</span></td> </tr> </table>
56748344
103
0.75
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hungary Government Bond, 4.875%-7.625%, due 3/26/36-3/29/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic Government Bond, 4.875%-7.05%, due 2/3/31-1/21/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina Government Bond, 0.75%-4.125%, due 7/9/30-7/9/46</td>
<td style="break-inside: avoid-page; text-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;">Romanian Government Bond, 5.125%-7.125%, due 9/16/30-7/11/39</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; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt Government Bond, 6.588%-8.70%, due 2/21/28-2/16/61</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Mexico Government Bond, 3.75%-6.625%, due 5/7/36-4/19/71</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria Government Bond, 6.125%-10.375%, due 9/28/28-9/28/51</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey Government Bond, 5.75%-9.875%, due 1/15/28-5/11/47</td>
<td style="break-inside: avoid-page; text-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;">Chile Government Bond, 2.55%-5.65%, due 7/27/33-9/21/71</td>
<td style="break-inside: avoid-page; text-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;">Ecuador Government Bond, 6.90%-9.25%, due 7/31/30-1/29/39</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; padding: 6pt 3pt 3pt 3pt;">3.1<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;">Hungary</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina</td>
<td style="break-inside: avoid-page; text-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;">Romania</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">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;">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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey</td>
<td style="break-inside: avoid-page; text-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;">Chile</td>
<td style="break-inside: avoid-page; text-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;">Brazil</td>
<td style="break-inside: avoid-page; text-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;">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;">59.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hungary Government Bond, 4.875%-7.625%, due 3/26/36-3/29/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic Government Bond, 4.875%-7.05%, due 2/3/31-1/21/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina Government Bond, 0.75%-4.125%, due 7/9/30-7/9/46</td>
<td style="break-inside: avoid-page; text-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;">Romanian Government Bond, 5.125%-7.125%, due 9/16/30-7/11/39</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; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt Government Bond, 6.588%-8.70%, due 2/21/28-2/16/61</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Mexico Government Bond, 3.75%-6.625%, due 5/7/36-4/19/71</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria Government Bond, 6.125%-10.375%, due 9/28/28-9/28/51</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey Government Bond, 5.75%-9.875%, due 1/15/28-5/11/47</td>
<td style="break-inside: avoid-page; text-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;">Chile Government Bond, 2.55%-5.65%, due 7/27/33-9/21/71</td>
<td style="break-inside: avoid-page; text-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;">Ecuador Government Bond, 6.90%-9.25%, due 7/31/30-1/29/39</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; padding: 6pt 3pt 3pt 3pt;">3.1<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>
0.054
0.045
0.044
0.039
0.039
0.037
0.037
0.036
0.036
0.031
0.054
0.045
0.044
0.039
0.039
0.037
0.037
0.036
0.036
0.036
0.597
NYLI Candriam Emerging Markets Debt Fund
Class I
MGHIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_617_f2c18b7d_0236_5634_5842_af5b9d694b47;">semiannual shareholder report</span> contains important information about NYLI Candriam Emerging Markets Debt Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</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;">0.85<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
43
0.0085
<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 semiannual reporting periods 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 period 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 28, 2017, the Fund's principal investment strategies changed. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the graph and table prior to those dates reflects the Fund’s prior subadvisor, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371342.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">8/31/2007</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.70<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;">13.00<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;">2.46<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;">3.79<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;">JPMorgan EMBI Global Diversified 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;">2.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.79%</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;">2.60%</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;">3.86%</td> </tr>
<tr style="border-bottom-width: 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 Emerging Markets Bond 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;">3.21%</td>
<td style="break-inside: avoid-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;">13.09%</td>
<td style="break-inside: avoid-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;">2.92%</td>
<td style="break-inside: avoid-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;">4.01%</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;">Not annualized.</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 Fund has selected the JPMorgan EMBI Global Diversified Index to represent a broad measure of market performance. The JPMorgan EMBI Global Diversified Index is a market-capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.</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 Emerging Markets Bond Category Average is representative of funds that invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. 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
2007-08-31
0.0170
0.1300
0.0246
0.0379
JPMorgan EMBI Global Diversified Index
0.0272
0.1379
0.0260
0.0386
Morningstar Emerging Markets Bond Category Average
0.0321
0.1309
0.0292
0.0401
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>56,748,344<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;">103<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;">75<span>%</span></td> </tr> </table>
56748344
103
0.75
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hungary Government Bond, 4.875%-7.625%, due 3/26/36-3/29/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic Government Bond, 4.875%-7.05%, due 2/3/31-1/21/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina Government Bond, 0.75%-4.125%, due 7/9/30-7/9/46</td>
<td style="break-inside: avoid-page; text-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;">Romanian Government Bond, 5.125%-7.125%, due 9/16/30-7/11/39</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; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt Government Bond, 6.588%-8.70%, due 2/21/28-2/16/61</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Mexico Government Bond, 3.75%-6.625%, due 5/7/36-4/19/71</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria Government Bond, 6.125%-10.375%, due 9/28/28-9/28/51</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey Government Bond, 5.75%-9.875%, due 1/15/28-5/11/47</td>
<td style="break-inside: avoid-page; text-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;">Chile Government Bond, 2.55%-5.65%, due 7/27/33-9/21/71</td>
<td style="break-inside: avoid-page; text-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;">Ecuador Government Bond, 6.90%-9.25%, due 7/31/30-1/29/39</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; padding: 6pt 3pt 3pt 3pt;">3.1<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;">Hungary</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina</td>
<td style="break-inside: avoid-page; text-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;">Romania</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">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;">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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey</td>
<td style="break-inside: avoid-page; text-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;">Chile</td>
<td style="break-inside: avoid-page; text-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;">Brazil</td>
<td style="break-inside: avoid-page; text-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;">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;">59.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hungary Government Bond, 4.875%-7.625%, due 3/26/36-3/29/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic Government Bond, 4.875%-7.05%, due 2/3/31-1/21/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina Government Bond, 0.75%-4.125%, due 7/9/30-7/9/46</td>
<td style="break-inside: avoid-page; text-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;">Romanian Government Bond, 5.125%-7.125%, due 9/16/30-7/11/39</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; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt Government Bond, 6.588%-8.70%, due 2/21/28-2/16/61</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Mexico Government Bond, 3.75%-6.625%, due 5/7/36-4/19/71</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria Government Bond, 6.125%-10.375%, due 9/28/28-9/28/51</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey Government Bond, 5.75%-9.875%, due 1/15/28-5/11/47</td>
<td style="break-inside: avoid-page; text-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;">Chile Government Bond, 2.55%-5.65%, due 7/27/33-9/21/71</td>
<td style="break-inside: avoid-page; text-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;">Ecuador Government Bond, 6.90%-9.25%, due 7/31/30-1/29/39</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; padding: 6pt 3pt 3pt 3pt;">3.1<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>
0.054
0.045
0.044
0.039
0.039
0.037
0.037
0.036
0.036
0.031
0.054
0.045
0.044
0.039
0.039
0.037
0.037
0.036
0.036
0.036
0.597
NYLI Candriam Emerging Markets Debt Fund
Investor Class
MGHHX
This <span class="sec-hidden" style="-sec-ix-hidden: t_618_1219862f_c268_5687_47d7_289e999a6005;">semiannual shareholder report</span> contains important information about NYLI Candriam Emerging Markets Debt Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>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;">1.60<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
80
0.0160
<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 semiannual reporting periods 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 period 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 28, 2017, the Fund's principal investment strategies changed. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the graph and table prior to those dates reflects the Fund’s prior subadvisor, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371340.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">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;">2/28/2008</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;">(2.78<span>)</span><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;">7.55<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;">0.89<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;">2.67<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;">1.27<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;">12.03<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;">1.72<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;">3.14<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;">JPMorgan EMBI Global Diversified 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;">2.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.79%</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;">2.60%</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;">3.86%</td> </tr>
<tr style="border-bottom-width: 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 Emerging Markets Bond 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;">3.21%</td>
<td style="break-inside: avoid-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;">13.09%</td>
<td style="break-inside: avoid-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;">2.92%</td>
<td style="break-inside: avoid-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;">4.01%</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;">Not annualized.</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 Fund has selected the JPMorgan EMBI Global Diversified Index to represent a broad measure of market performance. The JPMorgan EMBI Global Diversified Index is a market-capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.</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 Emerging Markets Bond Category Average is representative of funds that invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. 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
2008-02-28
-0.0278
0.0755
0.0089
0.0267
Investor Class Shares - Excluding sales charges
0.0127
0.1203
0.0172
0.0314
JPMorgan EMBI Global Diversified Index
0.0272
0.1379
0.0260
0.0386
Morningstar Emerging Markets Bond Category Average
0.0321
0.1309
0.0292
0.0401
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>56,748,344<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;">103<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;">75<span>%</span></td> </tr> </table>
56748344
103
0.75
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hungary Government Bond, 4.875%-7.625%, due 3/26/36-3/29/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic Government Bond, 4.875%-7.05%, due 2/3/31-1/21/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina Government Bond, 0.75%-4.125%, due 7/9/30-7/9/46</td>
<td style="break-inside: avoid-page; text-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;">Romanian Government Bond, 5.125%-7.125%, due 9/16/30-7/11/39</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; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt Government Bond, 6.588%-8.70%, due 2/21/28-2/16/61</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Mexico Government Bond, 3.75%-6.625%, due 5/7/36-4/19/71</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria Government Bond, 6.125%-10.375%, due 9/28/28-9/28/51</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey Government Bond, 5.75%-9.875%, due 1/15/28-5/11/47</td>
<td style="break-inside: avoid-page; text-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;">Chile Government Bond, 2.55%-5.65%, due 7/27/33-9/21/71</td>
<td style="break-inside: avoid-page; text-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;">Ecuador Government Bond, 6.90%-9.25%, due 7/31/30-1/29/39</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; padding: 6pt 3pt 3pt 3pt;">3.1<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;">Hungary</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina</td>
<td style="break-inside: avoid-page; text-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;">Romania</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">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;">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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey</td>
<td style="break-inside: avoid-page; text-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;">Chile</td>
<td style="break-inside: avoid-page; text-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;">Brazil</td>
<td style="break-inside: avoid-page; text-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;">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;">59.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hungary Government Bond, 4.875%-7.625%, due 3/26/36-3/29/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Dominican Republic Government Bond, 4.875%-7.05%, due 2/3/31-1/21/41</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina Government Bond, 0.75%-4.125%, due 7/9/30-7/9/46</td>
<td style="break-inside: avoid-page; text-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;">Romanian Government Bond, 5.125%-7.125%, due 9/16/30-7/11/39</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; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Egypt Government Bond, 6.588%-8.70%, due 2/21/28-2/16/61</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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;">Mexico Government Bond, 3.75%-6.625%, due 5/7/36-4/19/71</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Nigeria Government Bond, 6.125%-10.375%, due 9/28/28-9/28/51</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey Government Bond, 5.75%-9.875%, due 1/15/28-5/11/47</td>
<td style="break-inside: avoid-page; text-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;">Chile Government Bond, 2.55%-5.65%, due 7/27/33-9/21/71</td>
<td style="break-inside: avoid-page; text-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;">Ecuador Government Bond, 6.90%-9.25%, due 7/31/30-1/29/39</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; padding: 6pt 3pt 3pt 3pt;">3.1<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>
0.054
0.045
0.044
0.039
0.039
0.037
0.037
0.036
0.036
0.031
0.054
0.045
0.044
0.039
0.039
0.037
0.037
0.036
0.036
0.036
0.597
NYLI MacKay High Yield Corporate Bond Fund
Class A
MHCAX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_624_5829bf92_504e_b881_fd5b_898b3e80b876;">semiannual shareholder report</span></span> contains important information about NYLI MacKay High Yield Corporate Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>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;">0.96<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
48
0.0096
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371333.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1/3/1995</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;">(2.46<span>)</span><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;">2.14<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;">2.91<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;">4.74<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 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;">2.14<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;">6.95<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;">3.87<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;">5.22<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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. High Yield Constrained 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;">2.31%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.71%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.80%</td> </tr>
<tr style="border-bottom-width: 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 High Yield Bond Category Average<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: 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;">2.30%</td>
<td style="break-inside: avoid-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;">8.50%</td>
<td style="break-inside: avoid-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;">4.03%</td>
<td style="break-inside: avoid-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;">5.16%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.</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;">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; 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 High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. 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
1995-01-03
-0.0246
0.0214
0.0291
0.0474
Class A Shares - Excluding sales charges
0.0214
0.0695
0.0387
0.0522
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. High Yield Constrained Index
0.0231
0.0871
0.0432
0.0580
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
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>10,544,513,237<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;">632<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;">16<span>%</span></td> </tr> </table>
10544513237
632
0.16
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">87.0<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Exchange-Traded 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;">0.4<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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Foreign Government Bond</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;">0.0%‡</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">5.3<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 4pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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>
0.028
0.017
0.013
0.012
0.012
0.012
0.011
0.011
0.011
0.010
0.870
0.056
0.009
0.004
0.004
0.004
0.000
0.053
NYLI MacKay High Yield Corporate Bond Fund
Class C
MYHCX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden: t_631_5d99382a_66ca_e143_b079_9d4048776c9b;">semiannual shareholder report</span></span> contains important information about NYLI MacKay High Yield Corporate Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>96</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;">1.91<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
96
0.0191
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371331.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">9/1/1998</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;">0.66<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;">4.96<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;">2.92<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;">4.31<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;">1.66<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;">5.96<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;">2.92<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;">4.31<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. High Yield Constrained 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;">2.31%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.71%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.80%</td> </tr>
<tr style="border-bottom-width: 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 High Yield Bond Category Average<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: 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;">2.30%</td>
<td style="break-inside: avoid-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;">8.50%</td>
<td style="break-inside: avoid-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;">4.03%</td>
<td style="break-inside: avoid-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;">5.16%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.</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;">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; 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 High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. 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
1998-09-01
0.0066
0.0496
0.0292
0.0431
Class C Shares - Excluding sales charges
0.0166
0.0596
0.0292
0.0431
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. High Yield Constrained Index
0.0231
0.0871
0.0432
0.0580
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
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>10,544,513,237<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;">632<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;">16<span>%</span></td> </tr> </table>
10544513237
632
0.16
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">87.0<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Exchange-Traded 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;">0.4<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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Foreign Government Bond</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;">0.0%‡</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">5.3<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 4pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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>
0.028
0.017
0.013
0.012
0.012
0.012
0.011
0.011
0.011
0.010
0.870
0.056
0.009
0.004
0.004
0.004
0.000
0.053
NYLI MacKay High Yield Corporate Bond Fund
Class I
MHYIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_621_ac8934f6_9aa3_7fcb_1710_100404212bbe;">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Corporate Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>36</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;">0.71<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
36
0.0071
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371334.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.07<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;">7.21<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;">4.12<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;">5.47<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. High Yield Constrained 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;">2.31%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.71%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.80%</td> </tr>
<tr style="border-bottom-width: 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 High Yield Bond Category Average<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: 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;">2.30%</td>
<td style="break-inside: avoid-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;">8.50%</td>
<td style="break-inside: avoid-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;">4.03%</td>
<td style="break-inside: avoid-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;">5.16%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.</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;">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; 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 High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. 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
2004-01-02
0.0207
0.0721
0.0412
0.0547
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. High Yield Constrained Index
0.0231
0.0871
0.0432
0.0580
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
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>10,544,513,237<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;">632<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;">16<span>%</span></td> </tr> </table>
10544513237
632
0.16
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">87.0<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Exchange-Traded 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;">0.4<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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Foreign Government Bond</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;">0.0%‡</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">5.3<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 4pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr> </table>
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<tr style="border-bottom-width: 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>
0.028
0.017
0.013
0.012
0.012
0.012
0.011
0.011
0.011
0.010
0.870
0.056
0.009
0.004
0.004
0.004
0.000
0.053
NYLI MacKay High Yield Corporate Bond Fund
Class R2
MHYRX
This <span class="sec-hidden" style="-sec-ix-hidden: t_633_fa1e17fd_3ddd_92c1_89c5_0d135023b0d0;">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Corporate Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R2</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>53</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;">1.06<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
53
0.0106
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371335.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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 R2 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;">5/1/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.89<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;">6.85<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;">3.76<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;">5.12<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. High Yield Constrained 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;">2.31%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.71%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.80%</td> </tr>
<tr style="border-bottom-width: 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 High Yield Bond Category Average<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: 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;">2.30%</td>
<td style="break-inside: avoid-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;">8.50%</td>
<td style="break-inside: avoid-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;">4.03%</td>
<td style="break-inside: avoid-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;">5.16%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.</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;">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; 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 High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R2 Shares
2008-05-01
0.0189
0.0685
0.0376
0.0512
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. High Yield Constrained Index
0.0231
0.0871
0.0432
0.0580
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
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>10,544,513,237<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;">632<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;">16<span>%</span></td> </tr> </table>
10544513237
632
0.16
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">87.0<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Exchange-Traded 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;">0.4<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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Foreign Government Bond</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;">0.0%‡</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">5.3<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 4pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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>
0.028
0.017
0.013
0.012
0.012
0.012
0.011
0.011
0.011
0.010
0.870
0.056
0.009
0.004
0.004
0.004
0.000
0.053
NYLI MacKay High Yield Corporate Bond Fund
Class R3
MHYTX
This <span class="sec-hidden" style="-sec-ix-hidden: t_623_4cc30551_464d_3976_83a3_b484ce77d048;">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Corporate Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>66</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;">1.31<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
66
0.0131
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371336.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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 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;">2/29/2016</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.77<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;">6.59<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;">3.50<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;">4.85<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. High Yield Constrained 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;">2.31%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.71%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.80%</td> </tr>
<tr style="border-bottom-width: 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 High Yield Bond Category Average<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: 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;">2.30%</td>
<td style="break-inside: avoid-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;">8.50%</td>
<td style="break-inside: avoid-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;">4.03%</td>
<td style="break-inside: avoid-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;">5.16%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.</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;">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; 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 High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. 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
2016-02-29
0.0177
0.0659
0.0350
0.0485
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. High Yield Constrained Index
0.0231
0.0871
0.0432
0.0580
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
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>10,544,513,237<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;">632<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;">16<span>%</span></td> </tr> </table>
10544513237
632
0.16
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">87.0<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Exchange-Traded 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;">0.4<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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Foreign Government Bond</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;">0.0%‡</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">5.3<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 4pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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>
0.028
0.017
0.013
0.012
0.012
0.012
0.011
0.011
0.011
0.010
0.870
0.056
0.009
0.004
0.004
0.004
0.000
0.053
NYLI MacKay High Yield Corporate Bond Fund
Class R6
MHYSX
This <span class="sec-hidden" style="-sec-ix-hidden: t_624_aa8bedc0_0e50_4b80_687b_53a359643ea3;">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Corporate Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</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;">0.57<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
28
0.0057
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371325.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">6/17/2013</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;">2.15<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;">7.40<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;">4.26<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;">5.62<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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. High Yield Constrained 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;">2.31%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.71%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.80%</td> </tr>
<tr style="border-bottom-width: 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 High Yield Bond Category Average<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: 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;">2.30%</td>
<td style="break-inside: avoid-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;">8.50%</td>
<td style="break-inside: avoid-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;">4.03%</td>
<td style="break-inside: avoid-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;">5.16%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.</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;">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; 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 High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. 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
2013-06-17
0.0215
0.0740
0.0426
0.0562
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. High Yield Constrained Index
0.0231
0.0871
0.0432
0.0580
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
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>10,544,513,237<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;">632<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;">16<span>%</span></td> </tr> </table>
10544513237
632
0.16
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">87.0<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Exchange-Traded 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;">0.4<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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Foreign Government Bond</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;">0.0%‡</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">5.3<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 4pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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>
0.028
0.017
0.013
0.012
0.012
0.012
0.011
0.011
0.011
0.010
0.870
0.056
0.009
0.004
0.004
0.004
0.000
0.053
NYLI MacKay High Yield Corporate Bond Fund
Investor Class
MHHIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_625_72f16923_1fcd_f77f_2bf2_76dea5f7752d;">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Corporate Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>58</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;">1.16<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
58
0.0116
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371326.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">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;">2/28/2008</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;">(2.26<span>)</span><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;">2.41<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;">2.83<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;">4.60<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;">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;">1.82<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;">6.68<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; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; 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; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.09<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. High Yield Constrained 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;">2.31%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.71%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.80%</td> </tr>
<tr style="border-bottom-width: 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 High Yield Bond Category Average<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: 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;">2.30%</td>
<td style="break-inside: avoid-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;">8.50%</td>
<td style="break-inside: avoid-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;">4.03%</td>
<td style="break-inside: avoid-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;">5.16%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.</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;">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; 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 High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. 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
2008-02-28
-0.0226
0.0241
0.0283
0.0460
Investor Class Shares - Excluding sales charges
0.0182
0.0668
0.0368
0.0509
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. High Yield Constrained Index
0.0231
0.0871
0.0432
0.0580
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
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>10,544,513,237<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;">632<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;">16<span>%</span></td> </tr> </table>
10544513237
632
0.16
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">87.0<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Exchange-Traded 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;">0.4<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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Foreign Government Bond</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;">0.0%‡</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">5.3<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 4pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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>
0.028
0.017
0.013
0.012
0.012
0.012
0.011
0.011
0.011
0.010
0.870
0.056
0.009
0.004
0.004
0.004
0.000
0.053
NYLI MacKay High Yield Corporate Bond Fund
SIMPLE Class
MHHSX
This <span class="sec-hidden" style="-sec-ix-hidden: t_626_6a316879_93c9_3ad9_4bbe_e35aa8aca41e;">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Corporate Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>57</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;">1.14<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
57
0.0114
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371327.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1.83<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;">6.70<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;">3.57<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;">4.23<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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">ICE BofA U.S. High Yield Constrained 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;">2.31%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.71%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.32%</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: 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 High Yield Bond Category Average<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: 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;">2.30%</td>
<td style="break-inside: avoid-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;">8.50%</td>
<td style="break-inside: avoid-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;">4.03%</td>
<td style="break-inside: avoid-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;">4.66%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.</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;">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; 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 High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. 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
0.0183
0.0670
0.0357
0.0423
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
-0.0020
ICE BofA U.S. High Yield Constrained Index
0.0231
0.0871
0.0432
0.0513
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0466
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>10,544,513,237<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;">632<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;">16<span>%</span></td> </tr> </table>
10544513237
632
0.16
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">87.0<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Exchange-Traded 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;">0.4<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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<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;">Foreign Government Bond</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;">0.0%‡</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">5.3<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 4pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-5.375%, due 5/1/27-1/15/34</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Talen Energy Supply LLC, 6.125%-6.50%, due 5/17/30-2/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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;">Hilton Domestic Operating Co., Inc., 4.00%-5.875%, due 1/15/30-3/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27-5/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30-4/1/32</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">IHO Verwaltungs GmbH, 6.375%-8.00%, due 5/15/29-5/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Jane Street Group, 6.125%-7.125%, due 4/30/31-5/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">NRG Energy, Inc., 5.75%-6.25%, due 2/1/33-5/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">LifePoint Health, Inc., 5.375%-10.00%, due 1/15/29-5/1/34</td>
<td style="break-inside: avoid-page; text-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></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>
0.028
0.017
0.013
0.012
0.012
0.012
0.011
0.011
0.011
0.010
0.870
0.056
0.009
0.004
0.004
0.004
0.000
0.053
NYLI MacKay U.S. Infrastructure Bond Fund
Class A
MGVAX
This <span class="sec-hidden" style="-sec-ix-hidden:t_627_a3adfabe_c5df_dd74_6edb_b5984c00e8f9">semiannual shareholder report</span> contains important information about NYLI MacKay U.S. Infrastructure Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>42</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;">0.85<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
42
0.0085
<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 semiannual reporting periods 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 period 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 August 31, 2020, February 28, 2019 and June 21, 2019, the Fund modified its principal investment strategies. The past performance in the graph and chart below prior to those dates reflects the Fund's prior principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371319.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1/3/1995</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;">(2.06<span>)</span><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;">1.85<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;">0.03<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;">1.39<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;">0.97<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;">5.00<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;">0.96<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;">1.86<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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">Bloomberg 5-10 Year Taxable Municipal Bond 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;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.80%</td> </tr>
<tr style="border-bottom-width: 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 Intermediate Core Bond Category Average<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: 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;">0.58%</td>
<td style="break-inside: avoid-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;">4.12%</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;">0.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.70%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 Bloomberg 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.</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;">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; 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 Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. 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
1995-01-03
-0.0206
0.0185
0.0003
0.0139
Class A Shares - Excluding sales charges
0.0097
0.0500
0.0096
0.0186
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Bloomberg 5-10 Year Taxable Municipal Bond Index
0.0107
0.0532
0.0128
0.0280
Morningstar Intermediate Core Bond Category Average
0.0058
0.0412
0.0017
0.0170
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>2,254,496,745<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;">539<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;">29<span>%</span></td> </tr> </table>
2254496745
539
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Hawaii, 1.718%-5.159%, due 10/1/30-10/1/41</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">City of New York, 1.623%-5.75%, due 8/1/28-2/1/42</td>
<td style="break-inside: avoid-page; text-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;">State of California, 5.10%-7.60%, due 9/1/35-10/1/41</td>
<td style="break-inside: avoid-page; text-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;">State of Illinois, 3.45%-7.35%, due 6/15/29-12/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Massachusetts, 1.929%-5.50%, due 7/15/29-9/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">State of Texas, 1.844%-5.157%, due 10/1/30-10/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York State Dormitory Authority, 2.746%-5.289%, due 7/1/30-7/1/35</td>
<td style="break-inside: avoid-page; text-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;">Massachusetts Educational Financing Authority, 5.95%-6.166%, due 7/1/44-7/1/50</td>
<td style="break-inside: avoid-page; text-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;">New York City Housing Development Corp., 5.458%-6.033%, due 12/15/31</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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 York City Transitional Finance Authority, 1.97%-5.65%, due 11/1/30-11/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Portfolio 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;">Municipal Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">88.9<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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<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;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">1.3<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 colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Hawaii, 1.718%-5.159%, due 10/1/30-10/1/41</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">City of New York, 1.623%-5.75%, due 8/1/28-2/1/42</td>
<td style="break-inside: avoid-page; text-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;">State of California, 5.10%-7.60%, due 9/1/35-10/1/41</td>
<td style="break-inside: avoid-page; text-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;">State of Illinois, 3.45%-7.35%, due 6/15/29-12/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Massachusetts, 1.929%-5.50%, due 7/15/29-9/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">State of Texas, 1.844%-5.157%, due 10/1/30-10/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York State Dormitory Authority, 2.746%-5.289%, due 7/1/30-7/1/35</td>
<td style="break-inside: avoid-page; text-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;">Massachusetts Educational Financing Authority, 5.95%-6.166%, due 7/1/44-7/1/50</td>
<td style="break-inside: avoid-page; text-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;">New York City Housing Development Corp., 5.458%-6.033%, due 12/15/31</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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 York City Transitional Finance Authority, 1.97%-5.65%, due 11/1/30-11/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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>
0.034
0.032
0.030
0.028
0.021
0.021
0.020
0.020
0.019
0.018
0.889
0.079
0.019
0.000
0.013
NYLI MacKay U.S. Infrastructure Bond Fund
Class C
MGVCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_628_3f91322c_c094_e96e_40ef_84edff38b2b4;">semiannual shareholder report</span> contains important information about NYLI MacKay U.S. Infrastructure Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</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;">1.85<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
92
0.0185
<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 semiannual reporting periods 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 period 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 August 31, 2020, February 28, 2019 and June 21, 2019, the Fund modified its principal investment strategies. The past performance in the graph and chart below prior to those dates reflects the Fund's prior principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371320.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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>
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<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;">9/1/1998</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;">(0.52<span>)</span><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;">2.81<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;">(0.10<span>)</span><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;">0.79<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 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;">0.47<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;">3.81<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;">(0.10<span>)</span><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;">0.79<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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">Bloomberg 5-10 Year Taxable Municipal Bond 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;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.80%</td> </tr>
<tr style="border-bottom-width: 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 Intermediate Core Bond Category Average<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: 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;">0.58%</td>
<td style="break-inside: avoid-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;">4.12%</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;">0.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.70%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 Bloomberg 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.</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;">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; 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 Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. 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
1998-09-01
-0.0052
0.0281
-0.0010
0.0079
Class C Shares - Excluding sales charges
0.0047
0.0381
-0.0010
0.0079
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Bloomberg 5-10 Year Taxable Municipal Bond Index
0.0107
0.0532
0.0128
0.0280
Morningstar Intermediate Core Bond Category Average
0.0058
0.0412
0.0017
0.0170
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>2,254,496,745<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;">539<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;">29<span>%</span></td> </tr> </table>
2254496745
539
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Hawaii, 1.718%-5.159%, due 10/1/30-10/1/41</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">City of New York, 1.623%-5.75%, due 8/1/28-2/1/42</td>
<td style="break-inside: avoid-page; text-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;">State of California, 5.10%-7.60%, due 9/1/35-10/1/41</td>
<td style="break-inside: avoid-page; text-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;">State of Illinois, 3.45%-7.35%, due 6/15/29-12/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Massachusetts, 1.929%-5.50%, due 7/15/29-9/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">State of Texas, 1.844%-5.157%, due 10/1/30-10/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York State Dormitory Authority, 2.746%-5.289%, due 7/1/30-7/1/35</td>
<td style="break-inside: avoid-page; text-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;">Massachusetts Educational Financing Authority, 5.95%-6.166%, due 7/1/44-7/1/50</td>
<td style="break-inside: avoid-page; text-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;">New York City Housing Development Corp., 5.458%-6.033%, due 12/15/31</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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 York City Transitional Finance Authority, 1.97%-5.65%, due 11/1/30-11/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Portfolio 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;">Municipal Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">88.9<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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<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;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">1.3<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 colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Hawaii, 1.718%-5.159%, due 10/1/30-10/1/41</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">City of New York, 1.623%-5.75%, due 8/1/28-2/1/42</td>
<td style="break-inside: avoid-page; text-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;">State of California, 5.10%-7.60%, due 9/1/35-10/1/41</td>
<td style="break-inside: avoid-page; text-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;">State of Illinois, 3.45%-7.35%, due 6/15/29-12/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Massachusetts, 1.929%-5.50%, due 7/15/29-9/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">State of Texas, 1.844%-5.157%, due 10/1/30-10/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York State Dormitory Authority, 2.746%-5.289%, due 7/1/30-7/1/35</td>
<td style="break-inside: avoid-page; text-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;">Massachusetts Educational Financing Authority, 5.95%-6.166%, due 7/1/44-7/1/50</td>
<td style="break-inside: avoid-page; text-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;">New York City Housing Development Corp., 5.458%-6.033%, due 12/15/31</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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 York City Transitional Finance Authority, 1.97%-5.65%, due 11/1/30-11/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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>
0.034
0.032
0.030
0.028
0.021
0.021
0.020
0.020
0.019
0.018
0.889
0.079
0.019
0.000
0.013
NYLI MacKay U.S. Infrastructure Bond Fund
Class I
MGOIX
This <span class="sec-hidden" style="-sec-ix-hidden:t_629_a95d9840_c9b0_db88_7df4_cf26140088cb">semiannual shareholder report</span> contains important information about NYLI MacKay U.S. Infrastructure Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>30</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;">0.60<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;">Annualized.</div> </td> </tr> </table>
30
0.0060
<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 semiannual reporting periods 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 period 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 August 31, 2020, February 28, 2019 and June 21, 2019, the Fund modified its principal investment strategies. The past performance in the graph and chart below prior to those dates reflects the Fund's prior principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371330.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.95<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;">5.06<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;">1.14<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;">2.09<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">Bloomberg 5-10 Year Taxable Municipal Bond 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;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.80%</td> </tr>
<tr style="border-bottom-width: 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 Intermediate Core Bond Category Average<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: 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;">0.58%</td>
<td style="break-inside: avoid-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;">4.12%</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;">0.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.70%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 Bloomberg 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.</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;">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; 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 Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. 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
2004-01-02
0.0095
0.0506
0.0114
0.0209
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Bloomberg 5-10 Year Taxable Municipal Bond Index
0.0107
0.0532
0.0128
0.0280
Morningstar Intermediate Core Bond Category Average
0.0058
0.0412
0.0017
0.0170
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>2,254,496,745<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;">539<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;">29<span>%</span></td> </tr> </table>
2254496745
539
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Hawaii, 1.718%-5.159%, due 10/1/30-10/1/41</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">City of New York, 1.623%-5.75%, due 8/1/28-2/1/42</td>
<td style="break-inside: avoid-page; text-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;">State of California, 5.10%-7.60%, due 9/1/35-10/1/41</td>
<td style="break-inside: avoid-page; text-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;">State of Illinois, 3.45%-7.35%, due 6/15/29-12/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Massachusetts, 1.929%-5.50%, due 7/15/29-9/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">State of Texas, 1.844%-5.157%, due 10/1/30-10/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York State Dormitory Authority, 2.746%-5.289%, due 7/1/30-7/1/35</td>
<td style="break-inside: avoid-page; text-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;">Massachusetts Educational Financing Authority, 5.95%-6.166%, due 7/1/44-7/1/50</td>
<td style="break-inside: avoid-page; text-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;">New York City Housing Development Corp., 5.458%-6.033%, due 12/15/31</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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 York City Transitional Finance Authority, 1.97%-5.65%, due 11/1/30-11/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Portfolio 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;">Municipal Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">88.9<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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<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;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">1.3<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 colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Hawaii, 1.718%-5.159%, due 10/1/30-10/1/41</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">City of New York, 1.623%-5.75%, due 8/1/28-2/1/42</td>
<td style="break-inside: avoid-page; text-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;">State of California, 5.10%-7.60%, due 9/1/35-10/1/41</td>
<td style="break-inside: avoid-page; text-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;">State of Illinois, 3.45%-7.35%, due 6/15/29-12/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Massachusetts, 1.929%-5.50%, due 7/15/29-9/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">State of Texas, 1.844%-5.157%, due 10/1/30-10/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York State Dormitory Authority, 2.746%-5.289%, due 7/1/30-7/1/35</td>
<td style="break-inside: avoid-page; text-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;">Massachusetts Educational Financing Authority, 5.95%-6.166%, due 7/1/44-7/1/50</td>
<td style="break-inside: avoid-page; text-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;">New York City Housing Development Corp., 5.458%-6.033%, due 12/15/31</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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 York City Transitional Finance Authority, 1.97%-5.65%, due 11/1/30-11/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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>
0.034
0.032
0.030
0.028
0.021
0.021
0.020
0.020
0.019
0.018
0.889
0.079
0.019
0.000
0.013
NYLI MacKay U.S. Infrastructure Bond Fund
Class R6
MGVDX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden: t_630_f6f7951d_7f46_6002_0a00_4a9970647c7e;">semiannual shareholder report</span></span> contains important information about NYLI MacKay U.S. Infrastructure Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>25</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;">0.50<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;">Annualized.</div> </td> </tr> </table>
25
0.0050
<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 semiannual reporting periods 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 period 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 August 31, 2020, the Fund modified its principal investment strategies. The past performance in the graph and chart below prior to those dates reflects the Fund's prior principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371321.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">11/1/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.12<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;">5.28<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;">1.22<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;">1.74<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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">0.83%</td> </tr>
<tr style="border-bottom-width: 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 5-10 Year Taxable Municipal Bond 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;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.10%</td> </tr>
<tr style="border-bottom-width: 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 Intermediate Core Bond Category Average<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: 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;">0.58%</td>
<td style="break-inside: avoid-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;">4.12%</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;">0.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.81%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 Bloomberg 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.</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;">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; 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 Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. 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
2019-11-01
0.0112
0.0528
0.0122
0.0174
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0083
Bloomberg 5-10 Year Taxable Municipal Bond Index
0.0107
0.0532
0.0128
0.0210
Morningstar Intermediate Core Bond Category Average
0.0058
0.0412
0.0017
0.0081
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>2,254,496,745<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;">539<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;">29<span>%</span></td> </tr> </table>
2254496745
539
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Hawaii, 1.718%-5.159%, due 10/1/30-10/1/41</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">City of New York, 1.623%-5.75%, due 8/1/28-2/1/42</td>
<td style="break-inside: avoid-page; text-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;">State of California, 5.10%-7.60%, due 9/1/35-10/1/41</td>
<td style="break-inside: avoid-page; text-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;">State of Illinois, 3.45%-7.35%, due 6/15/29-12/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Massachusetts, 1.929%-5.50%, due 7/15/29-9/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">State of Texas, 1.844%-5.157%, due 10/1/30-10/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York State Dormitory Authority, 2.746%-5.289%, due 7/1/30-7/1/35</td>
<td style="break-inside: avoid-page; text-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;">Massachusetts Educational Financing Authority, 5.95%-6.166%, due 7/1/44-7/1/50</td>
<td style="break-inside: avoid-page; text-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;">New York City Housing Development Corp., 5.458%-6.033%, due 12/15/31</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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 York City Transitional Finance Authority, 1.97%-5.65%, due 11/1/30-11/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Portfolio 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;">Municipal Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">88.9<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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<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;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">1.3<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 colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Hawaii, 1.718%-5.159%, due 10/1/30-10/1/41</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">City of New York, 1.623%-5.75%, due 8/1/28-2/1/42</td>
<td style="break-inside: avoid-page; text-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;">State of California, 5.10%-7.60%, due 9/1/35-10/1/41</td>
<td style="break-inside: avoid-page; text-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;">State of Illinois, 3.45%-7.35%, due 6/15/29-12/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Massachusetts, 1.929%-5.50%, due 7/15/29-9/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">State of Texas, 1.844%-5.157%, due 10/1/30-10/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York State Dormitory Authority, 2.746%-5.289%, due 7/1/30-7/1/35</td>
<td style="break-inside: avoid-page; text-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;">Massachusetts Educational Financing Authority, 5.95%-6.166%, due 7/1/44-7/1/50</td>
<td style="break-inside: avoid-page; text-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;">New York City Housing Development Corp., 5.458%-6.033%, due 12/15/31</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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 York City Transitional Finance Authority, 1.97%-5.65%, due 11/1/30-11/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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>
0.034
0.032
0.030
0.028
0.021
0.021
0.020
0.020
0.019
0.018
0.889
0.079
0.019
0.000
0.013
NYLI MacKay U.S. Infrastructure Bond Fund
Investor Class
MGVNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_639_58a864c6_3594_1609_7c58_d763b4545b09;">semiannual shareholder report</span> contains important information about NYLI MacKay U.S. Infrastructure Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</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;">1.10<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
55
0.0110
<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 semiannual reporting periods 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 period 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 August 31, 2020, February 28, 2019 and June 21, 2019, the Fund modified its principal investment strategies. The past performance in the graph and chart below prior to those dates reflects the Fund's prior principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371322.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">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;">2/28/2008</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;">(1.82<span>)</span><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;">1.95<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;">(0.17<span>)</span><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;">1.08<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;">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;">0.70<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;">4.56<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;">0.65<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; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.55<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">Bloomberg 5-10 Year Taxable Municipal Bond 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;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.32%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.80%</td> </tr>
<tr style="border-bottom-width: 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 Intermediate Core Bond Category Average<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: 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;">0.58%</td>
<td style="break-inside: avoid-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;">4.12%</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;">0.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.70%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 Bloomberg 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.</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;">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; 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 Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. 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
2008-02-28
-0.0182
0.0195
-0.0017
0.0108
Investor Class Shares - Excluding sales charges
0.0070
0.0456
0.0065
0.0155
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Bloomberg 5-10 Year Taxable Municipal Bond Index
0.0107
0.0532
0.0128
0.0280
Morningstar Intermediate Core Bond Category Average
0.0058
0.0412
0.0017
0.0170
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>2,254,496,745<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;">539<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;">29<span>%</span></td> </tr> </table>
2254496745
539
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Hawaii, 1.718%-5.159%, due 10/1/30-10/1/41</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">City of New York, 1.623%-5.75%, due 8/1/28-2/1/42</td>
<td style="break-inside: avoid-page; text-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;">State of California, 5.10%-7.60%, due 9/1/35-10/1/41</td>
<td style="break-inside: avoid-page; text-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;">State of Illinois, 3.45%-7.35%, due 6/15/29-12/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Massachusetts, 1.929%-5.50%, due 7/15/29-9/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">State of Texas, 1.844%-5.157%, due 10/1/30-10/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York State Dormitory Authority, 2.746%-5.289%, due 7/1/30-7/1/35</td>
<td style="break-inside: avoid-page; text-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;">Massachusetts Educational Financing Authority, 5.95%-6.166%, due 7/1/44-7/1/50</td>
<td style="break-inside: avoid-page; text-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;">New York City Housing Development Corp., 5.458%-6.033%, due 12/15/31</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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 York City Transitional Finance Authority, 1.97%-5.65%, due 11/1/30-11/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Portfolio 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;">Municipal Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">88.9<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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<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;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">1.3<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 colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Hawaii, 1.718%-5.159%, due 10/1/30-10/1/41</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">City of New York, 1.623%-5.75%, due 8/1/28-2/1/42</td>
<td style="break-inside: avoid-page; text-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;">State of California, 5.10%-7.60%, due 9/1/35-10/1/41</td>
<td style="break-inside: avoid-page; text-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;">State of Illinois, 3.45%-7.35%, due 6/15/29-12/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Massachusetts, 1.929%-5.50%, due 7/15/29-9/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">State of Texas, 1.844%-5.157%, due 10/1/30-10/1/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York State Dormitory Authority, 2.746%-5.289%, due 7/1/30-7/1/35</td>
<td style="break-inside: avoid-page; text-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;">Massachusetts Educational Financing Authority, 5.95%-6.166%, due 7/1/44-7/1/50</td>
<td style="break-inside: avoid-page; text-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;">New York City Housing Development Corp., 5.458%-6.033%, due 12/15/31</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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 York City Transitional Finance Authority, 1.97%-5.65%, due 11/1/30-11/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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>
0.034
0.032
0.030
0.028
0.021
0.021
0.020
0.020
0.019
0.018
0.889
0.079
0.019
0.000
0.013
NYLI MacKay Tax Free Bond Fund
Class A
MTBAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_632_3f227e63_e6c1_bd52_519f_60db607735f2;">semiannual shareholder report</span> contains important information about NYLI MacKay Tax Free Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>37</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;">0.73<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
37
0.0073
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371324.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1/3/1995</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;">(1.59<span>)</span><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;">3.24<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;">(0.36<span>)</span><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;">1.73<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;">1.46<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;">6.44<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;">0.56<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;">2.20<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;">Bloomberg Municipal Bond 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;">1.29%</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;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: 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 Muni National Long 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;">1.44%</td>
<td style="break-inside: avoid-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;">6.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.47%</td>
<td style="break-inside: avoid-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;">1.97%</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;">Not annualized.</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 Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</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 Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. 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
1995-01-03
-0.0159
0.0324
-0.0036
0.0173
Class A Shares - Excluding sales charges
0.0146
0.0644
0.0056
0.0220
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Morningstar Muni National Long Category Average
0.0144
0.0617
0.0047
0.0197
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>9,398,851,339<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;">1,055<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;">19<span>%</span></td> </tr> </table>
9398851339
1055
0.19
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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 States</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;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<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;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.6<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 York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<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;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<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;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-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;">Georgia</td>
<td style="break-inside: avoid-page; text-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;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Massachusetts</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<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; 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;">34.6<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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>
0.031
0.030
0.027
0.025
0.021
0.018
0.018
0.017
0.014
0.013
0.132
0.106
0.103
0.089
0.048
0.044
0.036
0.035
0.034
0.027
0.346
NYLI MacKay Tax Free Bond Fund
Class C
MTFCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_633_f09590e3_a14f_b0a7_dc53_f4246e2d75f7;">semiannual shareholder report</span> contains important information about NYLI MacKay Tax Free Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>52</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;">1.03<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
52
0.0103
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371313.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">9/1/1998</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;">0.31<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;">5.00<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;">0.25<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;">1.92<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;">1.30<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;">6.00<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;">0.25<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;">1.92<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 Municipal Bond 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;">1.29%</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;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: 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 Muni National Long 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;">1.44%</td>
<td style="break-inside: avoid-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;">6.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.47%</td>
<td style="break-inside: avoid-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;">1.97%</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;">Not annualized.</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 Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</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 Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. 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
1998-09-01
0.0031
0.0500
0.0025
0.0192
Class C Shares - Excluding sales charges
0.0130
0.0600
0.0025
0.0192
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Morningstar Muni National Long Category Average
0.0144
0.0617
0.0047
0.0197
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>9,398,851,339<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;">1,055<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;">19<span>%</span></td> </tr> </table>
9398851339
1055
0.19
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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 States</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;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<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;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.6<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 York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<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;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<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;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-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;">Georgia</td>
<td style="break-inside: avoid-page; text-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;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Massachusetts</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<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; 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;">34.6<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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>
0.031
0.030
0.027
0.025
0.021
0.018
0.018
0.017
0.014
0.013
0.132
0.106
0.103
0.089
0.048
0.044
0.036
0.035
0.034
0.027
0.346
NYLI MacKay Tax Free Bond Fund
Class C2
MTSPX
This <span class="sec-hidden" style="-sec-ix-hidden:t_634_4d779bc2_6984_b7f0_b92b_44722bbe7c22">semiannual shareholder report</span> contains important information about NYLI MacKay Tax Free Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C2</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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;">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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
59
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;">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 semiannual reporting periods 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 period 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="g16063chartimages_5371318.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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 C2 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;">8/31/2020</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;">0.23<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;">4.85<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;">0.10<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;">0.61<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 C2 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;">1.23<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; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.85<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;">0.10<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;">0.61<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;">Bloomberg Municipal Bond 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;">1.29%</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;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td> </tr>
<tr style="border-bottom-width: 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 Muni National Long 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;">1.44%</td>
<td style="break-inside: avoid-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;">6.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.47%</td>
<td style="break-inside: avoid-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;">1.05%</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;">Not annualized.</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 Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</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 Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C2 Shares - Including sales charges
2020-08-31
0.0023
0.0485
0.0010
0.0061
Class C2 Shares - Excluding sales charges
0.0123
0.0585
0.0010
0.0061
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0121
Morningstar Muni National Long Category Average
0.0144
0.0617
0.0047
0.0105
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>9,398,851,339<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;">1,055<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;">19<span>%</span></td> </tr> </table>
9398851339
1055
0.19
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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 States</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;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<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;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.6<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 York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<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;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<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;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-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;">Georgia</td>
<td style="break-inside: avoid-page; text-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;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Massachusetts</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<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; 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;">34.6<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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>
0.031
0.030
0.027
0.025
0.021
0.018
0.018
0.017
0.014
0.013
0.132
0.106
0.103
0.089
0.048
0.044
0.036
0.035
0.034
0.027
0.346
NYLI MacKay Tax Free Bond Fund
Class I
MTBIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_635_979e448b_f9d3_15b3_6587_2d8529abd6f0;">semiannual shareholder report</span> contains important information about NYLI MacKay Tax Free Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>24</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;">0.48<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
24
0.0048
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371314.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">12/21/2009</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.58<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;">6.59<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;">0.79<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;">2.44<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 Municipal Bond 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;">1.29%</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;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: 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 Muni National Long 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;">1.44%</td>
<td style="break-inside: avoid-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;">6.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.47%</td>
<td style="break-inside: avoid-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;">1.97%</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;">Not annualized.</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 Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</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 Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. 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
2009-12-21
0.0158
0.0659
0.0079
0.0244
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Morningstar Muni National Long Category Average
0.0144
0.0617
0.0047
0.0197
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>9,398,851,339<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;">1,055<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;">19<span>%</span></td> </tr> </table>
9398851339
1055
0.19
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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 States</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;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<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;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.6<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 York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<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;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<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;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-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;">Georgia</td>
<td style="break-inside: avoid-page; text-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;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Massachusetts</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<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; 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;">34.6<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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>
0.031
0.030
0.027
0.025
0.021
0.018
0.018
0.017
0.014
0.013
0.132
0.106
0.103
0.089
0.048
0.044
0.036
0.035
0.034
0.027
0.346
NYLI MacKay Tax Free Bond Fund
Class R6
MTBDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_636_00c07bea_a25b_9e76_13d6_5ec99e0e400b;">semiannual shareholder report</span> contains important information about NYLI MacKay Tax Free Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>22</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;">0.43<span>%</span></td> </tr> </table>
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<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>
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<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;">2.</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;">Annualized.</div> </td> </tr> </table>
22
0.0043
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371315.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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 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;">11/1/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.61<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;">6.64<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;">0.84<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;">1.85<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;">Bloomberg Municipal Bond 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;">1.29%</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;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.64%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Long 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;">1.44%</td>
<td style="break-inside: avoid-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;">6.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.47%</td>
<td style="break-inside: avoid-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;">1.36%</td> </tr> </table>
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<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;">Not annualized.</div> </td> </tr>
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<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 Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
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<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 Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. 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
2019-11-01
0.0161
0.0664
0.0084
0.0185
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0164
Morningstar Muni National Long Category Average
0.0144
0.0617
0.0047
0.0136
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>
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<tr style="border-bottom-width: 1pt; border-bottom-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>9,398,851,339<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;">1,055<span style="visibility: hidden; display: inline;">%</span></td> </tr>
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<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;">19<span>%</span></td> </tr> </table>
9398851339
1055
0.19
<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>
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<tr style="border-bottom-width: 1pt; border-bottom-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 Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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 States</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;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<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;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.6<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 York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<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;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<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;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-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;">Georgia</td>
<td style="break-inside: avoid-page; text-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;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Massachusetts</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<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; 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;">34.6<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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>
0.031
0.030
0.027
0.025
0.021
0.018
0.018
0.017
0.014
0.013
0.132
0.106
0.103
0.089
0.048
0.044
0.036
0.035
0.034
0.027
0.346
NYLI MacKay Tax Free Bond Fund
Investor Class
MKINX
This <span class="sec-hidden" style="-sec-ix-hidden:t_648_0cfd4b9c_915d_5348_d1f9_f18da3ae4791">semiannual shareholder report</span> contains important information about NYLI MacKay Tax Free Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</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;">0.78<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
39
0.0078
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371316.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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>
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<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;">2/28/2008</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;">(1.11<span>)</span><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;">3.58<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;">(0.32<span>)</span><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;">1.70<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;">1.42<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;">6.24<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;">0.50<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;">2.17<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 Municipal Bond 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;">1.29%</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;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Long 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;">1.44%</td>
<td style="break-inside: avoid-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;">6.17%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.47%</td>
<td style="break-inside: avoid-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;">1.97%</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;">Not annualized.</div> </td> </tr>
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<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 Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</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 Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. 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
2008-02-28
-0.0111
0.0358
-0.0032
0.0170
Investor Class Shares - Excluding sales charges
0.0142
0.0624
0.0050
0.0217
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Morningstar Muni National Long Category Average
0.0144
0.0617
0.0047
0.0197
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>9,398,851,339<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;">1,055<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;">19<span>%</span></td> </tr> </table>
9398851339
1055
0.19
<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>
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<tr style="border-bottom-width: 1pt; border-bottom-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 Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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 States</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;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<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;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.6<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 York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<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;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<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;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-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;">Georgia</td>
<td style="break-inside: avoid-page; text-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;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Massachusetts</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<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; 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;">34.6<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, 3.00%-6.89%, due 4/1/34-11/1/64</td>
<td style="break-inside: avoid-page; text-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;">California Community Choice Financing Authority, 3.902%-5.25%, due 11/1/33-4/1/56</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; 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;">Los Angeles Department of Water & Power, 5.00%-6.603%, due 7/1/28-7/1/53</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; padding: 6pt 3pt 3pt 3pt;">2.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago O'Hare International Airport, 4.00%-5.50%, due 1/1/28-1/1/60</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; padding: 6pt 3pt 3pt 3pt;">2.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-5.50%, due 12/1/34-12/1/55</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; padding: 6pt 3pt 3pt 3pt;">2.1<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;">New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/40-5/1/53</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.50%, due 5/1/31-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.50%, due 9/15/27-5/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 4.00%-5.25%, due 11/1/35-1/1/56</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; padding: 6pt 3pt 3pt 3pt;">1.4<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;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/26-4/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<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>
0.031
0.030
0.027
0.025
0.021
0.018
0.018
0.017
0.014
0.013
0.132
0.106
0.103
0.089
0.048
0.044
0.036
0.035
0.034
0.027
0.346
NYLI MacKay Strategic Bond Fund
Class A
MASAX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden: t_638_e48bc603_335c_a363_b957_4d2daf26fd88;">semiannual shareholder report</span></span> contains important information about NYLI MacKay Strategic Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>47</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;">0.93<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;">Annualized.</div> </td> </tr> </table>
47
0.0093
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371317.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">2/28/1997</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;">(2.60<span>)</span><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;">1.56<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;">2.53<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;">3.37<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;">1.99<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;">6.35<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;">3.48<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;">3.85<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Multisector Bond 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;">1.68%</td>
<td style="break-inside: avoid-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;">6.60%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.83%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.81%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 Multisector Bond Category Average is representative of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. 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
1997-02-28
-0.0260
0.0156
0.0253
0.0337
Class A Shares - Excluding sales charges
0.0199
0.0635
0.0348
0.0385
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar Multisector Bond Category Average
0.0168
0.0660
0.0283
0.0381
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>1,754,848,684<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;">778<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;">59<span>%</span></td> </tr> </table>
1754848684
778
0.59
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.875%-4.125%, due 4/30/31-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Connecticut Avenue Securities Trust, 5.145%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-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;">FHLMC STACR REMIC Trust, 4.845%-12.145%, due 1/25/34-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">GNMA, (zero coupon)-5.02%, due 7/20/44-3/16/66</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; padding: 6pt 3pt 3pt 3pt;">1.6<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;">FHLMC MSCR Trust, 5.945%-9.646%, due 5/25/44-11/25/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</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; padding: 6pt 3pt 3pt 3pt;">1.3<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;">UMBS, 30 Year, 5.00%-5.50%, due 9/1/53-2/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Flagship Credit Auto Trust, 1.59%-8.83%, due 6/15/27-1/15/32</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; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Exeter Automobile Receivables Trust, 5.57%-7.52%, due 10/15/29-6/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">FHLMC STACR Trust, 8.56%-15.01%, due 9/25/47-7/25/49</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; padding: 6pt 3pt 3pt 3pt;">1.0<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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.9<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;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.6<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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">3.6<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">(2.2<span>)</span><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 colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.875%-4.125%, due 4/30/31-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Connecticut Avenue Securities Trust, 5.145%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-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;">FHLMC STACR REMIC Trust, 4.845%-12.145%, due 1/25/34-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">GNMA, (zero coupon)-5.02%, due 7/20/44-3/16/66</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; padding: 6pt 3pt 3pt 3pt;">1.6<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;">FHLMC MSCR Trust, 5.945%-9.646%, due 5/25/44-11/25/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</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; padding: 6pt 3pt 3pt 3pt;">1.3<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;">UMBS, 30 Year, 5.00%-5.50%, due 9/1/53-2/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Flagship Credit Auto Trust, 1.59%-8.83%, due 6/15/27-1/15/32</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; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Exeter Automobile Receivables Trust, 5.57%-7.52%, due 10/15/29-6/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">FHLMC STACR Trust, 8.56%-15.01%, due 9/25/47-7/25/49</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; padding: 6pt 3pt 3pt 3pt;">1.0<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>
0.116
0.030
0.021
0.016
0.015
0.013
0.012
0.011
0.011
0.010
0.339
0.258
0.146
0.142
0.065
0.036
0.036
0.000
-0.022
NYLI MacKay Strategic Bond Fund
Class C
MSICX
This <span class="sec-hidden" style="-sec-ix-hidden: t_639_453b78c6_3a26_34a8_ba9a_45be1f3eba05;">semiannual shareholder report</span> contains important information about NYLI MacKay Strategic Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>96</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;">1.91<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;">Annualized.</div> </td> </tr> </table>
96
0.0191
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371309.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">9/1/1998</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;">0.40<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;">4.37<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;">2.49<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;">2.95<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;">1.40<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;">5.37<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;">2.49<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;">2.95<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Multisector Bond 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;">1.68%</td>
<td style="break-inside: avoid-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;">6.60%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.83%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.81%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 Multisector Bond Category Average is representative of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. 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
1998-09-01
0.0040
0.0437
0.0249
0.0295
Class C Shares - Excluding sales charges
0.0140
0.0537
0.0249
0.0295
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar Multisector Bond Category Average
0.0168
0.0660
0.0283
0.0381
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>1,754,848,684<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;">778<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;">59<span>%</span></td> </tr> </table>
1754848684
778
0.59
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.875%-4.125%, due 4/30/31-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Connecticut Avenue Securities Trust, 5.145%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-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;">FHLMC STACR REMIC Trust, 4.845%-12.145%, due 1/25/34-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">GNMA, (zero coupon)-5.02%, due 7/20/44-3/16/66</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; padding: 6pt 3pt 3pt 3pt;">1.6<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;">FHLMC MSCR Trust, 5.945%-9.646%, due 5/25/44-11/25/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</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; padding: 6pt 3pt 3pt 3pt;">1.3<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;">UMBS, 30 Year, 5.00%-5.50%, due 9/1/53-2/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Flagship Credit Auto Trust, 1.59%-8.83%, due 6/15/27-1/15/32</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; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Exeter Automobile Receivables Trust, 5.57%-7.52%, due 10/15/29-6/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">FHLMC STACR Trust, 8.56%-15.01%, due 9/25/47-7/25/49</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; padding: 6pt 3pt 3pt 3pt;">1.0<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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.9<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;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.6<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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">3.6<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">(2.2<span>)</span><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 colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.875%-4.125%, due 4/30/31-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Connecticut Avenue Securities Trust, 5.145%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-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;">FHLMC STACR REMIC Trust, 4.845%-12.145%, due 1/25/34-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">GNMA, (zero coupon)-5.02%, due 7/20/44-3/16/66</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; padding: 6pt 3pt 3pt 3pt;">1.6<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;">FHLMC MSCR Trust, 5.945%-9.646%, due 5/25/44-11/25/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</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; padding: 6pt 3pt 3pt 3pt;">1.3<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;">UMBS, 30 Year, 5.00%-5.50%, due 9/1/53-2/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Flagship Credit Auto Trust, 1.59%-8.83%, due 6/15/27-1/15/32</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; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Exeter Automobile Receivables Trust, 5.57%-7.52%, due 10/15/29-6/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">FHLMC STACR Trust, 8.56%-15.01%, due 9/25/47-7/25/49</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; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table>
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<tr style="border-bottom-width: 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>
0.116
0.030
0.021
0.016
0.015
0.013
0.012
0.011
0.011
0.010
0.339
0.258
0.146
0.142
0.065
0.036
0.036
0.000
-0.022
NYLI MacKay Strategic Bond Fund
Class I
MSDIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_640_5b8ddcc5_5cd8_ba80_26ab_8d9ad7bad805;">semiannual shareholder report</span> contains important information about NYLI MacKay Strategic Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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;">
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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 $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>34</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;">0.68<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;">Annualized.</div> </td> </tr> </table>
34
0.0068
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371310.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.00<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;">6.62<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;">3.79<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;">4.13<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Multisector Bond 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;">1.68%</td>
<td style="break-inside: avoid-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;">6.60%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.83%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.81%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 Multisector Bond Category Average is representative of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. 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
2004-01-02
0.0200
0.0662
0.0379
0.0413
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar Multisector Bond Category Average
0.0168
0.0660
0.0283
0.0381
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>1,754,848,684<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;">778<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;">59<span>%</span></td> </tr> </table>
1754848684
778
0.59
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.875%-4.125%, due 4/30/31-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Connecticut Avenue Securities Trust, 5.145%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-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;">FHLMC STACR REMIC Trust, 4.845%-12.145%, due 1/25/34-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">GNMA, (zero coupon)-5.02%, due 7/20/44-3/16/66</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; padding: 6pt 3pt 3pt 3pt;">1.6<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;">FHLMC MSCR Trust, 5.945%-9.646%, due 5/25/44-11/25/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</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; padding: 6pt 3pt 3pt 3pt;">1.3<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;">UMBS, 30 Year, 5.00%-5.50%, due 9/1/53-2/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Flagship Credit Auto Trust, 1.59%-8.83%, due 6/15/27-1/15/32</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; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Exeter Automobile Receivables Trust, 5.57%-7.52%, due 10/15/29-6/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">FHLMC STACR Trust, 8.56%-15.01%, due 9/25/47-7/25/49</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; padding: 6pt 3pt 3pt 3pt;">1.0<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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.9<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;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.6<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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">3.6<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">(2.2<span>)</span><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 colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.875%-4.125%, due 4/30/31-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Connecticut Avenue Securities Trust, 5.145%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-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;">FHLMC STACR REMIC Trust, 4.845%-12.145%, due 1/25/34-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">GNMA, (zero coupon)-5.02%, due 7/20/44-3/16/66</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; padding: 6pt 3pt 3pt 3pt;">1.6<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;">FHLMC MSCR Trust, 5.945%-9.646%, due 5/25/44-11/25/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</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; padding: 6pt 3pt 3pt 3pt;">1.3<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;">UMBS, 30 Year, 5.00%-5.50%, due 9/1/53-2/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Flagship Credit Auto Trust, 1.59%-8.83%, due 6/15/27-1/15/32</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; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Exeter Automobile Receivables Trust, 5.57%-7.52%, due 10/15/29-6/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">FHLMC STACR Trust, 8.56%-15.01%, due 9/25/47-7/25/49</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; padding: 6pt 3pt 3pt 3pt;">1.0<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>
0.116
0.030
0.021
0.016
0.015
0.013
0.012
0.011
0.011
0.010
0.339
0.258
0.146
0.142
0.065
0.036
0.036
0.000
-0.022
NYLI MacKay Strategic Bond Fund
Class R6
MSYEX
This <span class="sec-hidden" style="-sec-ix-hidden: t_641_63370eaa_2ba2_010d_1cff_41c50b3ae46f;">semiannual shareholder report</span> contains important information about NYLI MacKay Strategic Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>30</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;">0.59<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;">Annualized.</div> </td> </tr> </table>
30
0.0059
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371308.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">2/28/2018</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.04<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;">6.69<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;">3.84<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;">4.02<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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.97%</td> </tr>
<tr style="border-bottom-width: 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 Multisector Bond 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;">1.68%</td>
<td style="break-inside: avoid-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;">6.60%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.83%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.27%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 Multisector Bond Category Average is representative of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. 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
2018-02-28
0.0204
0.0669
0.0384
0.0402
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0197
Morningstar Multisector Bond Category Average
0.0168
0.0660
0.0283
0.0327
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>1,754,848,684<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;">778<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;">59<span>%</span></td> </tr> </table>
1754848684
778
0.59
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.875%-4.125%, due 4/30/31-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Connecticut Avenue Securities Trust, 5.145%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-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;">FHLMC STACR REMIC Trust, 4.845%-12.145%, due 1/25/34-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">GNMA, (zero coupon)-5.02%, due 7/20/44-3/16/66</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; padding: 6pt 3pt 3pt 3pt;">1.6<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;">FHLMC MSCR Trust, 5.945%-9.646%, due 5/25/44-11/25/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</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; padding: 6pt 3pt 3pt 3pt;">1.3<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;">UMBS, 30 Year, 5.00%-5.50%, due 9/1/53-2/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Flagship Credit Auto Trust, 1.59%-8.83%, due 6/15/27-1/15/32</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; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Exeter Automobile Receivables Trust, 5.57%-7.52%, due 10/15/29-6/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">FHLMC STACR Trust, 8.56%-15.01%, due 9/25/47-7/25/49</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; padding: 6pt 3pt 3pt 3pt;">1.0<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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.9<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;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.6<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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">3.6<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">(2.2<span>)</span><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 colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.875%-4.125%, due 4/30/31-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Connecticut Avenue Securities Trust, 5.145%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-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;">FHLMC STACR REMIC Trust, 4.845%-12.145%, due 1/25/34-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">GNMA, (zero coupon)-5.02%, due 7/20/44-3/16/66</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; padding: 6pt 3pt 3pt 3pt;">1.6<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;">FHLMC MSCR Trust, 5.945%-9.646%, due 5/25/44-11/25/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</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; padding: 6pt 3pt 3pt 3pt;">1.3<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;">UMBS, 30 Year, 5.00%-5.50%, due 9/1/53-2/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Flagship Credit Auto Trust, 1.59%-8.83%, due 6/15/27-1/15/32</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; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Exeter Automobile Receivables Trust, 5.57%-7.52%, due 10/15/29-6/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">FHLMC STACR Trust, 8.56%-15.01%, due 9/25/47-7/25/49</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; padding: 6pt 3pt 3pt 3pt;">1.0<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>
0.116
0.030
0.021
0.016
0.015
0.013
0.012
0.011
0.011
0.010
0.339
0.258
0.146
0.142
0.065
0.036
0.036
0.000
-0.022
NYLI MacKay Strategic Bond Fund
Investor Class
MSYDX
This <span class="sec-hidden" style="-sec-ix-hidden:t_645_44eb4442_e7ef_fcc6_efb5_539622208464">semiannual shareholder report</span> contains important information about NYLI MacKay Strategic Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>58</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;">1.16<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;">Annualized.</div> </td> </tr> </table>
58
0.0116
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371311.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">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;">2/28/2008</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;">(2.34<span>)</span><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;">1.78<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;">2.41<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;">3.23<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;">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;">1.73<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;">6.02<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;">3.25<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;">3.71<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Multisector Bond 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;">1.68%</td>
<td style="break-inside: avoid-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;">6.60%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.83%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.81%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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; 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 Multisector Bond Category Average is representative of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. 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
2008-02-28
-0.0234
0.0178
0.0241
0.0323
Investor Class Shares - Excluding sales charges
0.0173
0.0602
0.0325
0.0371
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar Multisector Bond Category Average
0.0168
0.0660
0.0283
0.0381
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>1,754,848,684<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;">778<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;">59<span>%</span></td> </tr> </table>
1754848684
778
0.59
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.875%-4.125%, due 4/30/31-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Connecticut Avenue Securities Trust, 5.145%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-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;">FHLMC STACR REMIC Trust, 4.845%-12.145%, due 1/25/34-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">GNMA, (zero coupon)-5.02%, due 7/20/44-3/16/66</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; padding: 6pt 3pt 3pt 3pt;">1.6<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;">FHLMC MSCR Trust, 5.945%-9.646%, due 5/25/44-11/25/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</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; padding: 6pt 3pt 3pt 3pt;">1.3<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;">UMBS, 30 Year, 5.00%-5.50%, due 9/1/53-2/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Flagship Credit Auto Trust, 1.59%-8.83%, due 6/15/27-1/15/32</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; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Exeter Automobile Receivables Trust, 5.57%-7.52%, due 10/15/29-6/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">FHLMC STACR Trust, 8.56%-15.01%, due 9/25/47-7/25/49</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; padding: 6pt 3pt 3pt 3pt;">1.0<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;">Portfolio 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;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.9<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;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.6<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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">3.6<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;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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 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;">(2.2<span>)</span><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 colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.875%-4.125%, due 4/30/31-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Connecticut Avenue Securities Trust, 5.145%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-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;">FHLMC STACR REMIC Trust, 4.845%-12.145%, due 1/25/34-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">GNMA, (zero coupon)-5.02%, due 7/20/44-3/16/66</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; padding: 6pt 3pt 3pt 3pt;">1.6<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;">FHLMC MSCR Trust, 5.945%-9.646%, due 5/25/44-11/25/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</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; padding: 6pt 3pt 3pt 3pt;">1.3<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;">UMBS, 30 Year, 5.00%-5.50%, due 9/1/53-2/1/55</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; padding: 6pt 3pt 3pt 3pt;">1.2<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;">Flagship Credit Auto Trust, 1.59%-8.83%, due 6/15/27-1/15/32</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; padding: 6pt 3pt 3pt 3pt;">1.1<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;">Exeter Automobile Receivables Trust, 5.57%-7.52%, due 10/15/29-6/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<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;">FHLMC STACR Trust, 8.56%-15.01%, due 9/25/47-7/25/49</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; padding: 6pt 3pt 3pt 3pt;">1.0<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>
0.116
0.030
0.021
0.016
0.015
0.013
0.012
0.011
0.011
0.010
0.339
0.258
0.146
0.142
0.065
0.036
0.036
0.000
-0.022
NYLI WMC Enduring Capital Fund
Class A
MSOAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_643_6da1e12e_0d08_38ae_6a89_050579ed8564;">semiannual shareholder report</span> contains important information about NYLI WMC Enduring Capital Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>47</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;">0.94<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;">Annualized.</div> </td> </tr> </table>
47
0.0094
<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 semiannual reporting periods 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 period 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. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371303.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">6/1/1998</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;">(2.87<span>)</span><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;">(8.48<span>)</span><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;">4.65<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;">10.13<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;">2.78<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;">(3.16<span>)</span><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;">5.84<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;">10.76<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">S&P 500<sup style="font-size: 10px;">®</sup>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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Blend Category Average<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: 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;">5.78%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-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;">11.20%</td>
<td style="break-inside: avoid-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;">13.77%</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;">Not annualized.</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 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;">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 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; 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;">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; 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 Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index. 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
1998-06-01
-0.0287
-0.0848
0.0465
0.1013
Class A Shares - Excluding sales charges
0.0278
-0.0316
0.0584
0.1076
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1377
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>364,098,615<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;">36<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;">3<span>%</span></td> </tr> </table>
364098615
36
0.03
<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;">Linde 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;">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;">PACCAR, 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;">M&T Bank 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;">5.1<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;">NVR, 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;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Constellation Software, 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;">4.8<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;">Progressive Corp. (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;">4.8<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;">Amphenol Corp., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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;">Credit Acceptance 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;">4.6<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;">Old Dominion Freight Line, 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;">Expeditors International of Washington, 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;">4.3<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 Industries </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;">Commercial Services & Supplies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<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;">Insurance</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronic Equipment, Instruments & Components</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Banks</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Household Durables</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<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;">Ground Transportation</td>
<td style="break-inside: avoid-page; text-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;">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;">32.0<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;">Linde 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;">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;">PACCAR, 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;">M&T Bank 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;">5.1<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;">NVR, 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;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Constellation Software, 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;">4.8<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;">Progressive Corp. (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;">4.8<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;">Amphenol Corp., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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;">Credit Acceptance 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;">4.6<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;">Old Dominion Freight Line, 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;">Expeditors International of Washington, 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;">4.3<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>
0.054
0.054
0.051
0.048
0.048
0.048
0.047
0.046
0.044
0.043
0.109
0.087
0.085
0.085
0.069
0.056
0.051
0.048
0.046
0.044
0.320
NYLI WMC Enduring Capital Fund
Class C
MGOCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_644_2959f896_71f1_6ca3_f99c_76eb233cfe69;">semiannual shareholder report</span> contains important information about NYLI WMC Enduring Capital Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>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;">1.96<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
98
0.0196
<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 semiannual reporting periods 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 period 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. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371304.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">9/1/1998</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;">1.26<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;">(5.05<span>)</span><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;">4.81<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;">9.65<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;">2.24<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;">(4.13<span>)</span><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;">4.81<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;">9.65<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">S&P 500<sup style="font-size: 10px;">®</sup>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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Blend Category Average<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: 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;">5.78%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-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;">11.20%</td>
<td style="break-inside: avoid-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;">13.77%</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;">Not annualized.</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 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;">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 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; 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;">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; 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 Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index. 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
1998-09-01
0.0126
-0.0505
0.0481
0.0965
Class C Shares - Excluding sales charges
0.0224
-0.0413
0.0481
0.0965
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1377
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>364,098,615<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;">36<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;">3<span>%</span></td> </tr> </table>
364098615
36
0.03
<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;">Linde 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;">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;">PACCAR, 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;">M&T Bank 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;">5.1<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;">NVR, 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;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Constellation Software, 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;">4.8<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;">Progressive Corp. (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;">4.8<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;">Amphenol Corp., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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;">Credit Acceptance 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;">4.6<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;">Old Dominion Freight Line, 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;">Expeditors International of Washington, 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;">4.3<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 Industries </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;">Commercial Services & Supplies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<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;">Insurance</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronic Equipment, Instruments & Components</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Banks</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Household Durables</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<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;">Ground Transportation</td>
<td style="break-inside: avoid-page; text-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;">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;">32.0<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;">Linde 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;">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;">PACCAR, 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;">M&T Bank 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;">5.1<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;">NVR, 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;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Constellation Software, 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;">4.8<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;">Progressive Corp. (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;">4.8<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;">Amphenol Corp., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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;">Credit Acceptance 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;">4.6<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;">Old Dominion Freight Line, 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;">Expeditors International of Washington, 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;">4.3<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>
0.054
0.054
0.051
0.048
0.048
0.048
0.047
0.046
0.044
0.043
0.109
0.087
0.085
0.085
0.069
0.056
0.051
0.048
0.046
0.044
0.320
NYLI WMC Enduring Capital Fund
Class I
MSOIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_645_6380acd8_da94_cef8_77e6_a927933f0b79;">semiannual shareholder report</span> contains important information about NYLI WMC Enduring Capital Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>35</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;">0.69<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;">Annualized.</div> </td> </tr> </table>
35
0.0069
<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 semiannual reporting periods 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 period 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. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371305.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">12/28/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.91<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;">(2.92<span>)</span><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;">6.11<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;">11.04<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">S&P 500<sup style="font-size: 10px;">®</sup>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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Blend Category Average<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: 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;">5.78%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-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;">11.20%</td>
<td style="break-inside: avoid-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;">13.77%</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;">Not annualized.</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 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;">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 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; 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;">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; 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 Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index. 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
2004-12-28
0.0291
-0.0292
0.0611
0.1104
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1377
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>364,098,615<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;">36<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;">3<span>%</span></td> </tr> </table>
364098615
36
0.03
<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;">Linde 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;">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;">PACCAR, 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;">M&T Bank 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;">5.1<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;">NVR, 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;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Constellation Software, 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;">4.8<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;">Progressive Corp. (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;">4.8<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;">Amphenol Corp., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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;">Credit Acceptance 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;">4.6<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;">Old Dominion Freight Line, 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;">Expeditors International of Washington, 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;">4.3<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 Industries </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;">Commercial Services & Supplies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<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;">Insurance</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronic Equipment, Instruments & Components</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Banks</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Household Durables</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<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;">Ground Transportation</td>
<td style="break-inside: avoid-page; text-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;">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;">32.0<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;">Linde 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;">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;">PACCAR, 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;">M&T Bank 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;">5.1<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;">NVR, 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;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Constellation Software, 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;">4.8<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;">Progressive Corp. (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;">4.8<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;">Amphenol Corp., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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;">Credit Acceptance 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;">4.6<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;">Old Dominion Freight Line, 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;">Expeditors International of Washington, 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;">4.3<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>
0.054
0.054
0.051
0.048
0.048
0.048
0.047
0.046
0.044
0.043
0.109
0.087
0.085
0.085
0.069
0.056
0.051
0.048
0.046
0.044
0.320
NYLI WMC Enduring Capital Fund
Class R6
MCSDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_646_4cb840a6_7334_bd0b_15f2_5dc2cda6c16c;">semiannual shareholder report</span> contains important information about NYLI WMC Enduring Capital Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>31</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;">0.61<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;">Annualized.</div> </td> </tr> </table>
31
0.0061
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371296.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">4/26/2021</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.93<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;">(2.85<span>)</span><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;">6.16<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;">6.20<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;">Russell 3000<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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">11.79%</td> </tr>
<tr style="border-bottom-width: 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;">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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">13.08%</td> </tr>
<tr style="border-bottom-width: 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 Large Blend Category Average<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: 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;">5.78%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-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;">11.20%</td>
<td style="break-inside: avoid-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;">10.70%</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;">Not annualized.</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 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;">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 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; 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;">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; 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 Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index. 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
2021-04-26
0.0293
-0.0285
0.0616
0.0620
Russell 3000®Index
0.0611
0.3101
0.1191
0.1179
S&P 500®Index
0.0603
0.3105
0.1314
0.1308
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1070
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>364,098,615<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;">36<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;">3<span>%</span></td> </tr> </table>
364098615
36
0.03
<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;">Linde 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;">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;">PACCAR, 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;">M&T Bank 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;">5.1<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;">NVR, 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;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Constellation Software, 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;">4.8<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;">Progressive Corp. (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;">4.8<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;">Amphenol Corp., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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;">Credit Acceptance 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;">4.6<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;">Old Dominion Freight Line, 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;">Expeditors International of Washington, 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;">4.3<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 Industries </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;">Commercial Services & Supplies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<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;">Insurance</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronic Equipment, Instruments & Components</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Banks</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Household Durables</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<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;">Ground Transportation</td>
<td style="break-inside: avoid-page; text-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;">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;">32.0<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;">Linde 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;">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;">PACCAR, 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;">M&T Bank 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;">5.1<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;">NVR, 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;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Constellation Software, 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;">4.8<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;">Progressive Corp. (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;">4.8<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;">Amphenol Corp., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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;">Credit Acceptance 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;">4.6<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;">Old Dominion Freight Line, 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;">Expeditors International of Washington, 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;">4.3<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>
0.054
0.054
0.051
0.048
0.048
0.048
0.047
0.046
0.044
0.043
0.109
0.087
0.085
0.085
0.069
0.056
0.051
0.048
0.046
0.044
0.320
NYLI WMC Enduring Capital Fund
Investor Class
MCSSX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_647_fcba91b1_cdf1_3a1c_fc92_ae180ba277a4;">semiannual shareholder report</span></span> contains important information about NYLI WMC Enduring Capital Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>61</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;">1.21<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
61
0.0121
<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 semiannual reporting periods 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 period 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. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371306.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">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;">2/28/2008</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;">(2.50<span>)</span><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;">(8.24<span>)</span><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;">4.52<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;">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;">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;">2.63<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;">(3.41<span>)</span><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;">5.60<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;">10.48<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">S&P 500<sup style="font-size: 10px;">®</sup>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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Blend Category Average<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: 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;">5.78%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-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;">11.20%</td>
<td style="break-inside: avoid-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;">13.77%</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;">Not annualized.</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 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;">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 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; 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;">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; 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 Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index. 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
2008-02-28
-0.0250
-0.0824
0.0452
0.0986
Investor Class Shares - Excluding sales charges
0.0263
-0.0341
0.0560
0.1048
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1377
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>364,098,615<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;">36<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;">3<span>%</span></td> </tr> </table>
364098615
36
0.03
<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;">Linde 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;">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;">PACCAR, 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;">M&T Bank 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;">5.1<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;">NVR, 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;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Constellation Software, 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;">4.8<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;">Progressive Corp. (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;">4.8<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;">Amphenol Corp., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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;">Credit Acceptance 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;">4.6<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;">Old Dominion Freight Line, 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;">Expeditors International of Washington, 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;">4.3<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 Industries </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;">Commercial Services & Supplies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<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;">Insurance</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronic Equipment, Instruments & Components</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<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;">Banks</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Household Durables</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<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;">Ground Transportation</td>
<td style="break-inside: avoid-page; text-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;">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;">32.0<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;">Linde 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;">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;">PACCAR, 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;">M&T Bank 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;">5.1<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;">NVR, 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;">4.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Constellation Software, 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;">4.8<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;">Progressive Corp. (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;">4.8<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;">Amphenol Corp., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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;">Credit Acceptance 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;">4.6<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;">Old Dominion Freight Line, 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;">Expeditors International of Washington, 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;">4.3<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>
0.054
0.054
0.051
0.048
0.048
0.048
0.047
0.046
0.044
0.043
0.109
0.087
0.085
0.085
0.069
0.056
0.051
0.048
0.046
0.044
0.320
NYLI Winslow Large Cap Growth Fund
Class A
MLAAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_648_f6b6ea84_2a09_e983_86d8_9459b94ac920;">semiannual shareholder report</span> contains important information about NYLI Winslow Large Cap Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>46</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;">0.96<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
46
0.0096
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371299.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">7/1/1995</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;">(10.47<span>)</span><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;">14.11<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;">9.22<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;">15.83<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;">(5.26<span>)</span><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;">20.75<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;">10.46<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;">16.49<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth 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;">(1.49<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;">30.63%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</td> </tr>
<tr style="border-bottom-width: 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;">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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Growth 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;">0.52%</td>
<td style="break-inside: avoid-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;">29.03%</td>
<td style="break-inside: avoid-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;">10.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</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 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; 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 Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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
1995-07-01
-0.1047
0.1411
0.0922
0.1583
Class A Shares - Excluding sales charges
-0.0526
0.2075
0.1046
0.1649
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
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>12,292,563,770<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: 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;">38<span>%</span></td> </tr> </table>
12292563770
54
0.38
<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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 Industries </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;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<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;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-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;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-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;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-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;">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;">24.5<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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>
0.096
0.077
0.067
0.067
0.061
0.047
0.039
0.024
0.023
0.023
0.258
0.116
0.110
0.061
0.047
0.035
0.034
0.033
0.031
0.030
0.245
NYLI Winslow Large Cap Growth Fund
Class C
MLACX
This <span class="sec-hidden" style="-sec-ix-hidden:t_656_0a5b8f60_cf68_5e04_578e_4d39bf0d5e00">semiannual shareholder report</span> contains important information about NYLI Winslow Large Cap Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>90</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;">1.87<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
90
0.0187
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371300.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">4/1/2005</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;">(6.45<span>)</span><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;">18.69<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;">9.39<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;">15.44<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;">(5.92<span>)</span><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;">19.36<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; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.39<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;">15.44<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth 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;">(1.49<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;">30.63%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</td> </tr>
<tr style="border-bottom-width: 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;">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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Growth 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;">0.52%</td>
<td style="break-inside: avoid-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;">29.03%</td>
<td style="break-inside: avoid-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;">10.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</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 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; 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 Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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
2005-04-01
-0.0645
0.1869
0.0939
0.1544
Class C Shares - Excluding sales charges
-0.0592
0.1936
0.0939
0.1544
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
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>12,292,563,770<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: 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;">38<span>%</span></td> </tr> </table>
12292563770
54
0.38
<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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 Industries </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;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<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;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-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;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-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;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-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;">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;">24.5<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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>
0.096
0.077
0.067
0.067
0.061
0.047
0.039
0.024
0.023
0.023
0.258
0.116
0.110
0.061
0.047
0.035
0.034
0.033
0.031
0.030
0.245
NYLI Winslow Large Cap Growth Fund
Class I
MLAIX
This <span class="sec-hidden" style="-sec-ix-hidden:t_660_fd24142f_c062_237f_c14f_3e5e71ba4d09">semiannual shareholder report</span> contains important information about NYLI Winslow Large Cap Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>34</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;">0.71<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
34
0.0071
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371298.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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>
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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;">4/1/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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<span>)</span><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;">21.17<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;">10.72<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;">16.78<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth 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;">(1.49<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;">30.63%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</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;">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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Growth 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;">0.52%</td>
<td style="break-inside: avoid-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;">29.03%</td>
<td style="break-inside: avoid-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;">10.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</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 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; 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 Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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
2005-04-01
-0.0513
0.2117
0.1072
0.1678
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
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>12,292,563,770<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: 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;">38<span>%</span></td> </tr> </table>
12292563770
54
0.38
<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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 Industries </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;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<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;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-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;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-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;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-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;">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;">24.5<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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>
0.096
0.077
0.067
0.067
0.061
0.047
0.039
0.024
0.023
0.023
0.258
0.116
0.110
0.061
0.047
0.035
0.034
0.033
0.031
0.030
0.245
NYLI Winslow Large Cap Growth Fund
Class R1
MLRRX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_655_7bf69b98_c4cc_6c7f_87f0_266771dff641;">semiannual shareholder report</span></span> contains important information about NYLI Winslow Large Cap Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R1</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</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;">0.81<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
39
0.0081
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371289.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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 R1 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;">4/1/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(5.23<span>)</span><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;">21.01<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;">10.61<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;">16.66<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>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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth 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;">(1.49<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;">30.63%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</td> </tr>
<tr style="border-bottom-width: 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;">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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Growth 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;">0.52%</td>
<td style="break-inside: avoid-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;">29.03%</td>
<td style="break-inside: avoid-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;">10.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</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 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; 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 Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R1 Shares
2005-04-01
-0.0523
0.2101
0.1061
0.1666
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
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>12,292,563,770<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: 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;">38<span>%</span></td> </tr> </table>
12292563770
54
0.38
<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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 Industries </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;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<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;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-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;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-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;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-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;">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;">24.5<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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>
0.096
0.077
0.067
0.067
0.061
0.047
0.039
0.024
0.023
0.023
0.258
0.116
0.110
0.061
0.047
0.035
0.034
0.033
0.031
0.030
0.245
NYLI Winslow Large Cap Growth Fund
Class R2
MLRTX
This <span class="sec-hidden" style="-sec-ix-hidden: t_656_ad6da2ff_dfb9_d339_6a72_d9d0afe99081;">semiannual shareholder report</span> contains important information about NYLI Winslow Large Cap Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R2</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>51</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;">1.06<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
51
0.0106
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371290.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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 R2 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;">4/1/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(5.31<span>)</span><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;">20.66<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;">10.34<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;">16.38<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth 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;">(1.49<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;">30.63%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</td> </tr>
<tr style="border-bottom-width: 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;">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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Growth 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;">0.52%</td>
<td style="break-inside: avoid-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;">29.03%</td>
<td style="break-inside: avoid-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;">10.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</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 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; 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 Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R2 Shares
2005-04-01
-0.0531
0.2066
0.1034
0.1638
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
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>12,292,563,770<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: 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;">38<span>%</span></td> </tr> </table>
12292563770
54
0.38
<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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 Industries </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;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<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;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-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;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-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;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-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;">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;">24.5<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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>
0.096
0.077
0.067
0.067
0.061
0.047
0.039
0.024
0.023
0.023
0.258
0.116
0.110
0.061
0.047
0.035
0.034
0.033
0.031
0.030
0.245
NYLI Winslow Large Cap Growth Fund
Class R3
MLGRX
This <span class="sec-hidden" style="-sec-ix-hidden: t_653_227eef8b_875a_473d_6aaa_70766f00ee5c;">semiannual shareholder report</span> contains important information about NYLI Winslow Large Cap Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R3</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>63</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;">1.31<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
63
0.0131
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371291.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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 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;">4/28/2006</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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><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;">20.29<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;">10.05<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;">16.08<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;">Russell 3000<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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth 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;">(1.49<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;">30.63%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</td> </tr>
<tr style="border-bottom-width: 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;">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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Growth 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;">0.52%</td>
<td style="break-inside: avoid-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;">29.03%</td>
<td style="break-inside: avoid-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;">10.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</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 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; 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 Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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
2006-04-28
-0.0556
0.2029
0.1005
0.1608
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
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>12,292,563,770<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: 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;">38<span>%</span></td> </tr> </table>
12292563770
54
0.38
<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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 Industries </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;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<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;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-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;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-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;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-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;">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;">24.5<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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>
0.096
0.077
0.067
0.067
0.061
0.047
0.039
0.024
0.023
0.023
0.258
0.116
0.110
0.061
0.047
0.035
0.034
0.033
0.031
0.030
0.245
NYLI Winslow Large Cap Growth Fund
Class R6
MLRSX
This <span class="sec-hidden" style="-sec-ix-hidden:t_654_deb29ab5_f032_a9db_fa0b_15af9da0ea35">semiannual shareholder report</span> contains important information about NYLI Winslow Large Cap Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</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>
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<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>
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<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;">2.</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;">Annualized.</div> </td> </tr> </table>
31
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;">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 semiannual reporting periods 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 period 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="g16063chartimages_5371292.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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>
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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 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;">6/17/2013</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;">(5.09<span>)</span><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;">21.17<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;">10.82<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;">16.89<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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>
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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 1000<sup style="font-size: 10px;">®</sup> Growth 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;">(1.49<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;">30.63%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</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;">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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Growth 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;">0.52%</td>
<td style="break-inside: avoid-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;">29.03%</td>
<td style="break-inside: avoid-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;">10.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</td> </tr> </table>
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<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;">Not annualized.</div> </td> </tr>
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<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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</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 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>
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<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 Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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
2013-06-17
-0.0509
0.2117
0.1082
0.1689
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
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>12,292,563,770<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: 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;">38<span>%</span></td> </tr> </table>
12292563770
54
0.38
<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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 Industries </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;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<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;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-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;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-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;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-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;">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;">24.5<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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>
0.096
0.077
0.067
0.067
0.061
0.047
0.039
0.024
0.023
0.023
0.258
0.116
0.110
0.061
0.047
0.035
0.034
0.033
0.031
0.030
0.245
NYLI Winslow Large Cap Growth Fund
Investor Class
MLINX
This <span><span><span class="sec-hidden" style="-sec-ix-hidden: t_666_6ca92f9e_e454_c801_885c_d56eed208b3f;">semiannual shareholder report</span></span></span> contains important information about NYLI Winslow Large Cap Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>54</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;">1.12<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: 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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
54
0.0112
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371293.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">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;">2/28/2008</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;">(10.12<span>)</span><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;">14.50<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;">9.14<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;">15.68<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;">(5.39<span>)</span><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;">20.52<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;">10.27<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;">16.33<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®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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000® Growth 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;">(1.49<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;">30.63%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</td> </tr>
<tr style="border-bottom-width: 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;">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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">15.26%</td> </tr>
<tr style="border-bottom-width: 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 Large Growth 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;">0.52%</td>
<td style="break-inside: avoid-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;">29.03%</td>
<td style="break-inside: avoid-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;">10.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</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 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; 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 Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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
2008-02-28
-0.1012
0.1450
0.0914
0.1568
Investor Class Shares - Excluding sales charges
-0.0539
0.2052
0.1027
0.1633
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
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>12,292,563,770<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: 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;">38<span>%</span></td> </tr> </table>
12292563770
54
0.38
<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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 Industries </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;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<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;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-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;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-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;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-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;">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;">24.5<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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>
0.096
0.077
0.067
0.067
0.061
0.047
0.039
0.024
0.023
0.023
0.258
0.116
0.110
0.061
0.047
0.035
0.034
0.033
0.031
0.030
0.245
NYLI Winslow Large Cap Growth Fund
SIMPLE Class
MLRMX
This <span class="sec-hidden" style="-sec-ix-hidden:t_666_5c6b1c66_495e_f726_3b7f_531d8460fef7">semiannual shareholder report</span> contains important information about NYLI Winslow Large Cap Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>57</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;">1.17<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
57
0.0117
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371283.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">(5.38<span>)</span><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;">20.57<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;">10.12<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;">11.19<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®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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000® Growth 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;">(1.49<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;">30.63%</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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.80%</td> </tr>
<tr style="border-bottom-width: 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;">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;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Growth 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;">0.52%</td>
<td style="break-inside: avoid-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;">29.03%</td>
<td style="break-inside: avoid-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;">10.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.90%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</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 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; 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 Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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
-0.0538
0.2057
0.1012
0.1119
Russell 3000®Index
0.0611
0.3101
0.1191
0.1464
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1480
S&P 500®Index
0.0603
0.3105
0.1314
0.1527
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1190
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>12,292,563,770<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: 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;">38<span>%</span></td> </tr> </table>
12292563770
54
0.38
<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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 Industries </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;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<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;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<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;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-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;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-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;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-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;">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;">24.5<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;">NVIDIA 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;">9.6<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<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;">Broadcom, 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;">Microsoft 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;">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;">Apple, 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;">6.1<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;">Amazon.com, 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;">4.7<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;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & 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;">2.4<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;">GE Vernova, 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;">2.3<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;">GE Aerospace</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<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>
0.096
0.077
0.067
0.067
0.061
0.047
0.039
0.024
0.023
0.023
0.258
0.116
0.110
0.061
0.047
0.035
0.034
0.033
0.031
0.030
0.245
NYLI MacKay Convertible Fund
Class A
MCOAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_657_961a2210_b948_a6be_a720_f66faf95031a;">semiannual shareholder report</span> contains important information about NYLI MacKay Convertible Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>49</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: 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;">Annualized.</div> </td> </tr> </table>
49
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;">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 semiannual reporting periods 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 period 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="g16063chartimages_5371294.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1/3/1995</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;">9.43<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;">26.03<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;">5.94<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;">10.70<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;">15.80<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;">33.37<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;">7.14<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;">11.32<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. Convertible 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;">13.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">36.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.79%</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;">12.76%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Convertibles Category Average<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: 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;">10.01%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">31.02%</td>
<td style="break-inside: avoid-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;">5.18%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.98%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. 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; 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 ICE BofA U.S. Convertible Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible only to common stock.</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;">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; 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 Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. 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
1995-01-03
0.0943
0.2603
0.0594
0.1070
Class A Shares - Excluding sales charges
0.1580
0.3337
0.0714
0.1132
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. Convertible Index
0.1328
0.3628
0.0679
0.1276
Morningstar Convertibles Category Average
0.1001
0.3102
0.0518
0.1098
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>1,799,407,950<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;">106<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;">15<span>%</span></td> </tr> </table>
1799407950
106
0.15
<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;">Lumentum Holdings, Inc., 0.50%, due 6/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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;">Western Digital Corp., 3.00%, due 11/15/28</td>
<td style="break-inside: avoid-page; text-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;">Advanced Energy Industries, Inc., 2.50%, due 9/15/28</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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 OP LLC, 3.125%, due 7/15/29</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; padding: 6pt 3pt 3pt 3pt;">2.7<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;">Mirum Pharmaceuticals, Inc., 4.00%, due 5/1/29</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; 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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ON Semiconductor Corp., (zero coupon), due 5/1/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">Planet Labs PBC, 0.50%, due 10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">MKS, Inc., 1.25%, due 6/1/30</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">Lantheus Holdings, Inc., 2.625%, due 12/15/27</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">QXO, Inc., 5.50%</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">84.6<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;">Convertible Preferred Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<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;">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;">9.0<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 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;">(3.0<span>)</span><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;">Lumentum Holdings, Inc., 0.50%, due 6/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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;">Western Digital Corp., 3.00%, due 11/15/28</td>
<td style="break-inside: avoid-page; text-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;">Advanced Energy Industries, Inc., 2.50%, due 9/15/28</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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 OP LLC, 3.125%, due 7/15/29</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; padding: 6pt 3pt 3pt 3pt;">2.7<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;">Mirum Pharmaceuticals, Inc., 4.00%, due 5/1/29</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; 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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ON Semiconductor Corp., (zero coupon), due 5/1/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">Planet Labs PBC, 0.50%, due 10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">MKS, Inc., 1.25%, due 6/1/30</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">Lantheus Holdings, Inc., 2.625%, due 12/15/27</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">QXO, Inc., 5.50%</td>
<td style="break-inside: avoid-page; text-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></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>
0.048
0.044
0.029
0.027
0.022
0.021
0.018
0.017
0.017
0.017
0.846
0.094
0.090
-0.030
NYLI MacKay Convertible Fund
Class C
MCCVX
This <span class="sec-hidden" style="-sec-ix-hidden:t_658_ee436d29_8fdb_16c9_fa07_8d1e339c5733">semiannual shareholder report</span> contains important information about NYLI MacKay Convertible Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>102</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;">1.90<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;">Annualized.</div> </td> </tr> </table>
102
0.0190
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371286.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">9/1/1998</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;">14.28<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;">31.03<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;">6.10<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;">10.28<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;">15.28<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;">32.03<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;">6.10<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;">10.28<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. Convertible 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;">13.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">36.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.79%</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;">12.76%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Convertibles Category Average<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: 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;">10.01%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">31.02%</td>
<td style="break-inside: avoid-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;">5.18%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.98%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. 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; 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 ICE BofA U.S. Convertible Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible only to common stock.</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;">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; 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 Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. 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
1998-09-01
0.1428
0.3103
0.0610
0.1028
Class C Shares - Excluding sales charges
0.1528
0.3203
0.0610
0.1028
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. Convertible Index
0.1328
0.3628
0.0679
0.1276
Morningstar Convertibles Category Average
0.1001
0.3102
0.0518
0.1098
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>1,799,407,950<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;">106<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;">15<span>%</span></td> </tr> </table>
1799407950
106
0.15
<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;">Lumentum Holdings, Inc., 0.50%, due 6/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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;">Western Digital Corp., 3.00%, due 11/15/28</td>
<td style="break-inside: avoid-page; text-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;">Advanced Energy Industries, Inc., 2.50%, due 9/15/28</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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 OP LLC, 3.125%, due 7/15/29</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; padding: 6pt 3pt 3pt 3pt;">2.7<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;">Mirum Pharmaceuticals, Inc., 4.00%, due 5/1/29</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; 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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ON Semiconductor Corp., (zero coupon), due 5/1/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">Planet Labs PBC, 0.50%, due 10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">MKS, Inc., 1.25%, due 6/1/30</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">Lantheus Holdings, Inc., 2.625%, due 12/15/27</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">QXO, Inc., 5.50%</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">84.6<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;">Convertible Preferred Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<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;">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;">9.0<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 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;">(3.0<span>)</span><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;">Lumentum Holdings, Inc., 0.50%, due 6/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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;">Western Digital Corp., 3.00%, due 11/15/28</td>
<td style="break-inside: avoid-page; text-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;">Advanced Energy Industries, Inc., 2.50%, due 9/15/28</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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 OP LLC, 3.125%, due 7/15/29</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; padding: 6pt 3pt 3pt 3pt;">2.7<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;">Mirum Pharmaceuticals, Inc., 4.00%, due 5/1/29</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; 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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ON Semiconductor Corp., (zero coupon), due 5/1/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">Planet Labs PBC, 0.50%, due 10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">MKS, Inc., 1.25%, due 6/1/30</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">Lantheus Holdings, Inc., 2.625%, due 12/15/27</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">QXO, Inc., 5.50%</td>
<td style="break-inside: avoid-page; text-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></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>
0.048
0.044
0.029
0.027
0.022
0.021
0.018
0.017
0.017
0.017
0.846
0.094
0.090
-0.030
NYLI MacKay Convertible Fund
Class I
MCNVX
This <span class="sec-hidden" style="-sec-ix-hidden: t_663_31fc645e_7b34_b791_ad17_494d08f1ef3d;">semiannual shareholder report</span> contains important information about NYLI MacKay Convertible Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>33</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;">0.61<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
33
0.0061
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371287.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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>
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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;">11/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.03<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;">33.78<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;">7.49<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;">11.69<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. Convertible 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;">13.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">36.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.79%</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;">12.76%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Convertibles Category Average<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: 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;">10.01%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">31.02%</td>
<td style="break-inside: avoid-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;">5.18%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.98%</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;">Not annualized.</div> </td> </tr>
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<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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. 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; 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 ICE BofA U.S. Convertible Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible only to common stock.</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;">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; 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 Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. 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
2008-11-28
0.1603
0.3378
0.0749
0.1169
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. Convertible Index
0.1328
0.3628
0.0679
0.1276
Morningstar Convertibles Category Average
0.1001
0.3102
0.0518
0.1098
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>1,799,407,950<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;">106<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;">15<span>%</span></td> </tr> </table>
1799407950
106
0.15
<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;">Lumentum Holdings, Inc., 0.50%, due 6/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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;">Western Digital Corp., 3.00%, due 11/15/28</td>
<td style="break-inside: avoid-page; text-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;">Advanced Energy Industries, Inc., 2.50%, due 9/15/28</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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 OP LLC, 3.125%, due 7/15/29</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; padding: 6pt 3pt 3pt 3pt;">2.7<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;">Mirum Pharmaceuticals, Inc., 4.00%, due 5/1/29</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; 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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ON Semiconductor Corp., (zero coupon), due 5/1/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">Planet Labs PBC, 0.50%, due 10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">MKS, Inc., 1.25%, due 6/1/30</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">Lantheus Holdings, Inc., 2.625%, due 12/15/27</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">QXO, Inc., 5.50%</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">84.6<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;">Convertible Preferred Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<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;">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;">9.0<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 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;">(3.0<span>)</span><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;">Lumentum Holdings, Inc., 0.50%, due 6/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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;">Western Digital Corp., 3.00%, due 11/15/28</td>
<td style="break-inside: avoid-page; text-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;">Advanced Energy Industries, Inc., 2.50%, due 9/15/28</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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 OP LLC, 3.125%, due 7/15/29</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; padding: 6pt 3pt 3pt 3pt;">2.7<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;">Mirum Pharmaceuticals, Inc., 4.00%, due 5/1/29</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; 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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ON Semiconductor Corp., (zero coupon), due 5/1/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">Planet Labs PBC, 0.50%, due 10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">MKS, Inc., 1.25%, due 6/1/30</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">Lantheus Holdings, Inc., 2.625%, due 12/15/27</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">QXO, Inc., 5.50%</td>
<td style="break-inside: avoid-page; text-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></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>
0.048
0.044
0.029
0.027
0.022
0.021
0.018
0.017
0.017
0.017
0.846
0.094
0.090
-0.030
NYLI MacKay Convertible Fund
Investor Class
MCINX
This <span class="sec-hidden" style="-sec-ix-hidden: t_665_3536e5f2_d0d2_eaba_64d5_ffb46739fe33;">semiannual shareholder report</span> contains important information about NYLI MacKay Convertible Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>62</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: 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;">Annualized.</div> </td> </tr> </table>
62
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;">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 semiannual reporting periods 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 period 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="g16063chartimages_5371285.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">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;">2/28/2008</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;">9.93<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;">26.38<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;">5.82<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;">10.48<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;">15.71<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;">33.04<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;">6.91<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;">11.10<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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">ICE BofA U.S. Convertible 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;">13.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">36.28%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.79%</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;">12.76%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Convertibles Category Average<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: 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;">10.01%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">31.02%</td>
<td style="break-inside: avoid-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;">5.18%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.98%</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;">Not annualized.</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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. 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; 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 ICE BofA U.S. Convertible Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible only to common stock.</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;">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; 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 Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. 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
2008-02-28
0.0993
0.2638
0.0582
0.1048
Investor Class Shares - Excluding sales charges
0.1571
0.3304
0.0691
0.1110
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA U.S. Convertible Index
0.1328
0.3628
0.0679
0.1276
Morningstar Convertibles Category Average
0.1001
0.3102
0.0518
0.1098
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>1,799,407,950<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;">106<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;">15<span>%</span></td> </tr> </table>
1799407950
106
0.15
<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;">Lumentum Holdings, Inc., 0.50%, due 6/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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;">Western Digital Corp., 3.00%, due 11/15/28</td>
<td style="break-inside: avoid-page; text-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;">Advanced Energy Industries, Inc., 2.50%, due 9/15/28</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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 OP LLC, 3.125%, due 7/15/29</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; padding: 6pt 3pt 3pt 3pt;">2.7<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;">Mirum Pharmaceuticals, Inc., 4.00%, due 5/1/29</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; 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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ON Semiconductor Corp., (zero coupon), due 5/1/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">Planet Labs PBC, 0.50%, due 10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">MKS, Inc., 1.25%, due 6/1/30</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">Lantheus Holdings, Inc., 2.625%, due 12/15/27</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">QXO, Inc., 5.50%</td>
<td style="break-inside: avoid-page; text-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></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;">Portfolio 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;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">84.6<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;">Convertible Preferred Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<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;">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;">9.0<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 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;">(3.0<span>)</span><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;">Lumentum Holdings, Inc., 0.50%, due 6/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<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;">Western Digital Corp., 3.00%, due 11/15/28</td>
<td style="break-inside: avoid-page; text-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;">Advanced Energy Industries, Inc., 2.50%, due 9/15/28</td>
<td style="break-inside: avoid-page; text-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>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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 OP LLC, 3.125%, due 7/15/29</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; padding: 6pt 3pt 3pt 3pt;">2.7<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;">Mirum Pharmaceuticals, Inc., 4.00%, due 5/1/29</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; 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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ON Semiconductor Corp., (zero coupon), due 5/1/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<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;">Planet Labs PBC, 0.50%, due 10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">MKS, Inc., 1.25%, due 6/1/30</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">Lantheus Holdings, Inc., 2.625%, due 12/15/27</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-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;">QXO, Inc., 5.50%</td>
<td style="break-inside: avoid-page; text-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></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>
0.048
0.044
0.029
0.027
0.022
0.021
0.018
0.017
0.017
0.017
0.846
0.094
0.090
-0.030
NYLI Money Market Fund
Class A
MMAXX
This <span class="sec-hidden" style="-sec-ix-hidden: t_474_9e223e3e_472d_a0dd_8987_9f0c03116785;">semiannual shareholder report</span> contains important information about NYLI Money Market Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>26</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;">0.52<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;">Annualized.</div> </td> </tr> </table>
26
0.0052
<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 semiannual reporting periods 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 period in an equally weighted performance average of money market funds and<span style="white-space: nowrap;"> </span>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="g16063chartimages_5371277.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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 A 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;">1/3/1995</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.65<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; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.63<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;">3.14<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;">1.95<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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Average Lipper Money Market Fund<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: 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;">1.70%</td>
<td style="break-inside: avoid-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;">3.73%</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;">3.22%</td>
<td style="break-inside: avoid-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;">2.06%</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;">Not annualized.</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;">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; 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 Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares
1995-01-03
0.0165
0.0363
0.0314
0.0195
Average Lipper Money Market Fund
0.0170
0.0373
0.0322
0.0206
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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>538,242,507</td> </tr>
<tr style="border-bottom-width: 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;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">29</td> </tr> </table>
538242507
29
<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;">Portfolio 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; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commercial Paper</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">40.6<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; padding: 6pt 3pt 3pt 3pt;">Repurchase Agreements</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">30.4<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; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Debt</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.0<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; 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; padding: 6pt 3pt 3pt 3pt;">(0.0<span>)</span><span>%</span><sup style="font-size: 10px;">‡</sup></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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </td> </tr> </table>
0.406
0.304
0.290
-0.000
NYLI Money Market Fund
Class C
MSCXX
This <span class="sec-hidden" style="-sec-ix-hidden: t_484_578f6e40_59a2_17a5_7bdb_a5361ad781ff;">semiannual shareholder report</span> contains important information about NYLI Money Market Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>39</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;">0.79<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
39
0.0079
<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 semiannual reporting periods 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 period in an equally weighted performance average of money market funds and other<span style="white-space: nowrap;"> </span>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="g16063chartimages_5371278.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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 C 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;">9/1/1998</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.52<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;">3.35<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;">2.91<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;">1.76<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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Average Lipper Money Market Fund<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: 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;">1.70%</td>
<td style="break-inside: avoid-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;">3.73%</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;">3.22%</td>
<td style="break-inside: avoid-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;">2.06%</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;">Not annualized.</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;">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; 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 Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares
1998-09-01
0.0152
0.0335
0.0291
0.0176
Average Lipper Money Market Fund
0.0170
0.0373
0.0322
0.0206
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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>538,242,507</td> </tr>
<tr style="border-bottom-width: 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;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">29</td> </tr> </table>
538242507
29
<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;">Portfolio 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; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commercial Paper</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">40.6<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; padding: 6pt 3pt 3pt 3pt;">Repurchase Agreements</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">30.4<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; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Debt</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.0<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; 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; padding: 6pt 3pt 3pt 3pt;">(0.0<span>)</span><span>%</span><sup style="font-size: 10px;">‡</sup></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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </td> </tr> </table>
0.406
0.304
0.290
-0.000
NYLI Money Market Fund
Investor Class
MKTXX
This <span class="sec-hidden" style="-sec-ix-hidden: t_494_98992121_1228_e8a2_46cf_a2cbd39d85a1;">semiannual shareholder report</span> contains important information about NYLI Money Market Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</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;">0.79<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
39
0.0079
<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 semiannual reporting periods 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 period in an equally weighted performance average of money market funds and other<span style="white-space: nowrap;"> </span>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="g16063chartimages_5371279.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">Investor 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;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.52<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;">3.35<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;">2.91<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;">1.76<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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Average Lipper Money Market <span style="white-space: nowrap;">Fund</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: 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;">1.70%</td>
<td style="break-inside: avoid-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;">3.73%</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;">3.22%</td>
<td style="break-inside: avoid-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;">2.06%</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;">Not annualized.</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;">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; 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 Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares
2008-02-28
0.0152
0.0335
0.0291
0.0176
Average Lipper Money Market Fund
0.0170
0.0373
0.0322
0.0206
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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>538,242,507</td> </tr>
<tr style="border-bottom-width: 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;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">29</td> </tr> </table>
538242507
29
<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;">Portfolio 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; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commercial Paper</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">40.6<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; padding: 6pt 3pt 3pt 3pt;">Repurchase Agreements</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">30.4<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; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Debt</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.0<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; 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; padding: 6pt 3pt 3pt 3pt;">(0.0<span>)</span><span>%</span><sup style="font-size: 10px;">‡</sup></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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </td> </tr> </table>
0.406
0.304
0.290
-0.000
NYLI Money Market Fund
SIMPLE Class
MIPXX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden: t_511_88bc5f01_fa5a_642e_3b80_dc6bab64ca62;">semiannual shareholder report</span></span> contains important information about NYLI Money Market Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>23</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;">0.46<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;">Annualized.</div> </td> </tr> </table>
23
0.0046
<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 semiannual reporting periods 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 period in an equally weighted performance average of money market funds and other<span style="white-space: nowrap;"> </span>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="g16063chartimages_5371280.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1.68<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; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.70<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;">3.12<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;">2.75<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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Average Lipper Money Market Fund<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: 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;">1.70%</td>
<td style="break-inside: avoid-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;">3.73%</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;">3.22%</td>
<td style="break-inside: avoid-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;">2.67%</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; 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;">Not annualized.</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;">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; 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 Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.0168
0.0370
0.0312
0.0275
Average Lipper Money Market Fund
0.0170
0.0373
0.0322
0.0267
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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>538,242,507</td> </tr>
<tr style="border-bottom-width: 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;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">29</td> </tr> </table>
538242507
29
<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;">Portfolio 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; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commercial Paper</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">40.6<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; padding: 6pt 3pt 3pt 3pt;">Repurchase Agreements</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">30.4<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; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Debt</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.0<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; 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; padding: 6pt 3pt 3pt 3pt;">(0.0<span>)</span><span>%</span><sup style="font-size: 10px;">‡</sup></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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </td> </tr> </table>
0.406
0.304
0.290
-0.000
NYLI Income Builder Fund
Class A
MTRAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_674_109ad48b_c9dc_3923_998a_8930e77de1f3;">semiannual shareholder report</span> contains important information about NYLI Income Builder Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>53</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;">1.01<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
53
0.0101
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371282.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1/3/1995</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;">7.21<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;">20.32<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;">6.35<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;">6.90<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;">10.53<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;">24.04<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;">7.00<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;">7.51<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;">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;">6.83%</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;">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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">Blended Benchmark 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;">4.41%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.70%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.89%</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;">8.37%</td> </tr>
<tr style="border-bottom-width: 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;">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;">8.00<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: 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;">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;">Not annualized.</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 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;">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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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; 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.</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;">Morningstar Global Moderate Allocation Category Average funds 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
1995-01-03
0.0721
0.2032
0.0635
0.0690
Class A Shares - Excluding sales charges
0.1053
0.2404
0.0700
0.0751
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1265
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Blended Benchmark Index
0.0441
0.1870
0.0689
0.0837
Morningstar Global Moderate Allocation Category Average
0.0800
0.2173
0.0649
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>1,135,009,147<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;">616<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;">29<span>%</span></td> </tr> </table>
1135009147
616
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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;">Portfolio 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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">64.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">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;">0.3<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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>
0.020
0.020
0.016
0.016
0.015
0.015
0.014
0.014
0.013
0.012
0.647
0.115
0.100
0.051
0.037
0.028
0.010
0.009
0.003
NYLI Income Builder Fund
Class C
MCTRX
This <span class="sec-hidden" style="-sec-ix-hidden: t_662_d4bef5d1_c5bf_07d6_629a_9e9f90326a0b;">semiannual shareholder report</span> contains important information about NYLI Income Builder Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>106</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;">2.03<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
106
0.0203
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371271.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">9/1/1998</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;">8.97<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;">21.74<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;">5.95<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;">6.50<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;">9.97<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;">22.74<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;">5.95<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;">6.50<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;">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;">6.83%</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;">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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">Blended Benchmark 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;">4.41%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.70%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.89%</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;">8.37%</td> </tr>
<tr style="border-bottom-width: 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;">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;">8.00<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: 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;">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;">Not annualized.</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 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;">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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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; 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.</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;">Morningstar Global Moderate Allocation Category Average funds 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
1998-09-01
0.0897
0.2174
0.0595
0.0650
Class C Shares - Excluding sales charges
0.0997
0.2274
0.0595
0.0650
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1265
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Blended Benchmark Index
0.0441
0.1870
0.0689
0.0837
Morningstar Global Moderate Allocation Category Average
0.0800
0.2173
0.0649
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>1,135,009,147<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;">616<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;">29<span>%</span></td> </tr> </table>
1135009147
616
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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;">Portfolio 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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">64.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">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;">0.3<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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>
0.020
0.020
0.016
0.016
0.015
0.015
0.014
0.014
0.013
0.012
0.647
0.115
0.100
0.051
0.037
0.028
0.010
0.009
0.003
NYLI Income Builder Fund
Class I
MTOIX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden: t_663_e43dc3af_215e_492e_facb_2ef68dff87a9;">semiannual shareholder report</span></span> contains important information about NYLI Income Builder Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>40</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;">0.76<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
40
0.0076
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371273.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.66<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;">24.33<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;">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;">7.78<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;">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;">6.83%</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;">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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">Blended Benchmark 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;">4.41%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.70%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.89%</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;">8.37%</td> </tr>
<tr style="border-bottom-width: 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;">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;">8.00<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: 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;">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;">Not annualized.</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 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;">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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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; 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.</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;">Morningstar Global Moderate Allocation Category Average funds 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
2004-01-02
0.1066
0.2433
0.0727
0.0778
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1265
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Blended Benchmark Index
0.0441
0.1870
0.0689
0.0837
Morningstar Global Moderate Allocation Category Average
0.0800
0.2173
0.0649
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>1,135,009,147<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;">616<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;">29<span>%</span></td> </tr> </table>
1135009147
616
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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;">Portfolio 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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">64.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">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;">0.3<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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>
0.020
0.020
0.016
0.016
0.015
0.015
0.014
0.014
0.013
0.012
0.647
0.115
0.100
0.051
0.037
0.028
0.010
0.009
0.003
NYLI Income Builder Fund
Class R6
MTODX
This <span class="sec-hidden" style="-sec-ix-hidden: t_664_fafdfde8_26b6_e291_9a1b_04fa97d5d06a;">semiannual shareholder report</span> contains important information about NYLI Income Builder Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>36</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;">0.68<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
36
0.0068
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371274.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">2/28/2018</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.70<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;">24.48<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;">7.36<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; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.89<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;">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;">6.83%</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;">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;">11.92%</td> </tr>
<tr style="border-bottom-width: 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;">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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.97%</td> </tr>
<tr style="border-bottom-width: 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;">Blended Benchmark 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;">4.41%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.70%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.89%</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;">8.11%</td> </tr>
<tr style="border-bottom-width: 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;">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;">8.00<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: 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;">7.08%</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;">Not annualized.</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 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;">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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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; 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.</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;">Morningstar Global Moderate Allocation Category Average funds 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 R6 Shares
2018-02-28
0.1070
0.2448
0.0736
0.0789
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1192
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0197
Blended Benchmark Index
0.0441
0.1870
0.0689
0.0811
Morningstar Global Moderate Allocation Category Average
0.0800
0.2173
0.0649
0.0708
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>1,135,009,147<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;">616<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;">29<span>%</span></td> </tr> </table>
1135009147
616
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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;">Portfolio 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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">64.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">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;">0.3<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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>
0.020
0.020
0.016
0.016
0.015
0.015
0.014
0.014
0.013
0.012
0.647
0.115
0.100
0.051
0.037
0.028
0.010
0.009
0.003
NYLI Income Builder Fund
Investor Class
MTINX
This <span class="sec-hidden" style="-sec-ix-hidden: t_665_fbbe700c_e7b0_23c1_dccd_3c5b68304582;">semiannual shareholder report</span> contains important information about NYLI Income Builder Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</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;">1.28<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
67
0.0128
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371272.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">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;">2/28/2008</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;">7.65<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;">20.64<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;">6.21<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;">6.71<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;">10.41<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;">23.74<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;">6.75<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;">7.31<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;">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;">6.83%</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;">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;">Bloomberg U.S. Aggregate Bond 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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">1.67%</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;">Blended Benchmark 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;">4.41%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.70%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.89%</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;">8.37%</td> </tr>
<tr style="border-bottom-width: 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;">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;">8.00<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: 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;">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;">Not annualized.</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 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;">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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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; 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.</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;">Morningstar Global Moderate Allocation Category Average funds 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>
Investor Class Shares - Including sales charges
2008-02-28
0.0765
0.2064
0.0621
0.0671
Investor Class Shares - Excluding sales charges
0.1041
0.2374
0.0675
0.0731
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1265
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Blended Benchmark Index
0.0441
0.1870
0.0689
0.0837
Morningstar Global Moderate Allocation Category Average
0.0800
0.2173
0.0649
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>1,135,009,147<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;">616<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;">29<span>%</span></td> </tr> </table>
1135009147
616
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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;">Portfolio 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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">64.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">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;">0.3<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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>
0.020
0.020
0.016
0.016
0.015
0.015
0.014
0.014
0.013
0.012
0.647
0.115
0.100
0.051
0.037
0.028
0.010
0.009
0.003
NYLI Income Builder Fund
SIMPLE Class
MTISX
This <span class="sec-hidden" style="-sec-ix-hidden: t_666_fd0d1092_9f03_1a18_5df9_ba4a98884c47;">semiannual shareholder report</span> contains important information about NYLI Income Builder Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>64</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;">1.23<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
64
0.0123
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371276.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">10.40<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;">23.71<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;">6.67<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;">7.98<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;">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;">6.83%</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;">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;">Bloomberg U.S. Aggregate Bond <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;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Blended Benchmark <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;">4.41%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.70%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.89%</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;">8.09%</td> </tr>
<tr style="border-bottom-width: 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 <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;">8.00<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: 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; 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;">Not annualized.</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 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;">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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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; 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.</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;">Morningstar Global Moderate Allocation Category Average funds 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
0.1040
0.2371
0.0667
0.0798
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1363
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
-0.0020
Blended Benchmark Index
0.0441
0.1870
0.0689
0.0809
Morningstar Global Moderate Allocation Category Average
0.0800
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="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>1,135,009,147<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;">616<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;">29<span>%</span></td> </tr> </table>
1135009147
616
0.29
<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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;">Portfolio 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;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">64.7<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<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;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-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: 1pt; border-bottom-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;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; 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;">2.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<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;">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;">0.3<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</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; 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;">UMBS, 30 Year, 2.00%-6.00%, due 8/1/48-9/1/54</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, 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;">1.6<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;">Cisco Systems, 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;">1.6<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;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<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;">Hewlett Packard Enterprise 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;">1.4<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;">Analog Devices, 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;">1.4<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;">Texas Instruments, 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;">1.3<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;">Microsoft 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;">1.2<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>
0.020
0.020
0.016
0.016
0.015
0.015
0.014
0.014
0.013
0.012
0.647
0.115
0.100
0.051
0.037
0.028
0.010
0.009
0.003
NYLI WMC Value Fund
Class A
MAPAX
This <span class="sec-hidden" style="-sec-ix-hidden:t_679_51a201e7_fc0b_3bfd_a637_9f59002a16f4">semiannual shareholder report</span> contains important information about NYLI WMC Value Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>54</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>
<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;">Annualized.</div> </td> </tr> </table>
54
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;">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 semiannual reporting periods 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 period 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. One of the Fund's subadvisors changed effective January 9, 2017, and the Fund's principal investment strategies changed effective February 28, 2017 and March 13, 2017. Effective April 26, 2021, the Fund replaced both of its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371267.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">6/9/1999</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;">6.08<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;">16.73<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;">7.67<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;">11.93<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;">12.26<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;">23.53<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;">8.89<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;">12.56<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000<sup style="font-size: 10px;">®</sup> Value 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;">14.13%</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;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</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;">11.22%</td> </tr>
<tr style="border-bottom-width: 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 Large Value Category Average<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: 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;">11.40%</td>
<td style="break-inside: avoid-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;">26.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.26%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</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;">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; 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 Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. 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
1999-06-09
0.0608
0.1673
0.0767
0.1193
Class A Shares - Excluding sales charges
0.1226
0.2353
0.0889
0.1256
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1126
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>943,453,841<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;">64<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;">23<span>%</span></td> </tr> </table>
943453841
64
0.23
<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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;">JPMorgan Chase & 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;">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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & 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;">2.3<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;">Cisco Systems, 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, 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;">1.8<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;">Pfizer, 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;">1.8<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;">Sempra</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Diamondback 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;">1.7<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 Industries </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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Capital Markets</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<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;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<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;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-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;">Health Care Providers & Services</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communications Equipment</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-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;">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;">38.0<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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;">JPMorgan Chase & 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;">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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & 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;">2.3<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;">Cisco Systems, 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, 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;">1.8<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;">Pfizer, 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;">1.8<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;">Sempra</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Diamondback 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;">1.7<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>
0.055
0.036
0.026
0.023
0.022
0.022
0.018
0.018
0.018
0.017
0.110
0.087
0.082
0.074
0.058
0.055
0.049
0.040
0.035
0.030
0.380
NYLI WMC Value Fund
Class C
MMPCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_677_e48f0e81_aa23_e513_31e9_f605a395aa0d;">semiannual shareholder report</span> contains important information about NYLI WMC Value Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>105</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;">2.00<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;">Annualized.</div> </td> </tr> </table>
105
0.0200
<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 semiannual reporting periods 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 period 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. One of the Fund's subadvisors changed effective January 9, 2017, and the Fund's principal investment strategies changed effective February 28, 2017 and March 13, 2017. Effective April 26, 2021, the Fund replaced both of its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371268.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">6/9/1999</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;">10.74<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;">21.35<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;">7.82<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;">11.46<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;">11.74<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;">22.35<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;">7.82<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;">11.46<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000<sup style="font-size: 10px;">®</sup> Value 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;">14.13%</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;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</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;">11.22%</td> </tr>
<tr style="border-bottom-width: 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 Large Value Category Average<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: 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;">11.40%</td>
<td style="break-inside: avoid-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;">26.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.26%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</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;">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; 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 Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. 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
1999-06-09
0.1074
0.2135
0.0782
0.1146
Class C Shares - Excluding sales charges
0.1174
0.2235
0.0782
0.1146
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1126
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>943,453,841<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;">64<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;">23<span>%</span></td> </tr> </table>
943453841
64
0.23
<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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;">JPMorgan Chase & 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;">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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & 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;">2.3<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;">Cisco Systems, 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, 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;">1.8<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;">Pfizer, 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;">1.8<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;">Sempra</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Diamondback 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;">1.7<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 Industries </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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Capital Markets</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<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;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<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;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-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;">Health Care Providers & Services</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communications Equipment</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-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;">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;">38.0<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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;">JPMorgan Chase & 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;">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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & 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;">2.3<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;">Cisco Systems, 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, 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;">1.8<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;">Pfizer, 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;">1.8<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;">Sempra</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Diamondback 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;">1.7<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>
0.055
0.036
0.026
0.023
0.022
0.022
0.018
0.018
0.018
0.017
0.110
0.087
0.082
0.074
0.058
0.055
0.049
0.040
0.035
0.030
0.380
NYLI WMC Value Fund
Class I
MUBFX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_669_85054fc2_e1b9_1229_3f20_6bbc488d2bd8;">semiannual shareholder report</span></span> contains important information about NYLI WMC Value Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>37</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;">0.70<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
37
0.0070
<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 semiannual reporting periods 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 period 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. One of the Fund's subadvisors changed effective January 9, 2017, and the Fund's principal investment strategies changed effective February 28, 2017 and March 13, 2017. Effective April 26, 2021, the Fund replaced both of its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371269.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">1/21/1971</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.42<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;">23.95<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;">9.25<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;">12.89<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000<sup style="font-size: 10px;">®</sup> Value 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;">14.13%</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;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</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;">11.22%</td> </tr>
<tr style="border-bottom-width: 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 Large Value Category Average<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: 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;">11.40%</td>
<td style="break-inside: avoid-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;">26.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.26%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</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;">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; 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 Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. 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
1971-01-21
0.1242
0.2395
0.0925
0.1289
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1126
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>943,453,841<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;">64<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;">23<span>%</span></td> </tr> </table>
943453841
64
0.23
<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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;">JPMorgan Chase & 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;">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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & 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;">2.3<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;">Cisco Systems, 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, 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;">1.8<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;">Pfizer, 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;">1.8<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;">Sempra</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Diamondback 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;">1.7<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 Industries </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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Capital Markets</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<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;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<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;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-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;">Health Care Providers & Services</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communications Equipment</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-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;">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;">38.0<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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;">JPMorgan Chase & 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;">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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & 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;">2.3<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;">Cisco Systems, 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, 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;">1.8<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;">Pfizer, 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;">1.8<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;">Sempra</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Diamondback 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;">1.7<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>
0.055
0.036
0.026
0.023
0.022
0.022
0.018
0.018
0.018
0.017
0.110
0.087
0.082
0.074
0.058
0.055
0.049
0.040
0.035
0.030
0.380
NYLI WMC Value Fund
Class R6
MMPDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_670_2e964ffe_a565_2700_39fa_928298c2c38d;">semiannual shareholder report</span> contains important information about NYLI WMC Value Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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 $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</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;">0.70<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>
<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;">2.</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;">Annualized.</div> </td> </tr> </table>
37
0.0070
<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 semiannual reporting periods 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 period 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="g16063chartimages_5371259.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">4/26/2021</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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<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;">23.92<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;">9.24<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;">9.33<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">11.79%</td> </tr>
<tr style="border-bottom-width: 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 1000<sup style="font-size: 10px;">®</sup> Value 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;">14.13%</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;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</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;">10.35%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Value Category Average<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: 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;">11.40%</td>
<td style="break-inside: avoid-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;">26.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.19%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</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;">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; 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 Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. 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
2021-04-26
0.1241
0.2392
0.0924
0.0933
Russell 3000®Index
0.0611
0.3101
0.1191
0.1179
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1035
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1019
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>943,453,841<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;">64<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;">23<span>%</span></td> </tr> </table>
943453841
64
0.23
<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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;">JPMorgan Chase & 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;">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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & 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;">2.3<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;">Cisco Systems, 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, 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;">1.8<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;">Pfizer, 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;">1.8<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;">Sempra</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Diamondback 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;">1.7<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 Industries </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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Capital Markets</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<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;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<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;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-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;">Health Care Providers & Services</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communications Equipment</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-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;">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;">38.0<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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;">JPMorgan Chase & 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;">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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & 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;">2.3<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;">Cisco Systems, 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, 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;">1.8<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;">Pfizer, 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;">1.8<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;">Sempra</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Diamondback 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;">1.7<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>
0.055
0.036
0.026
0.023
0.022
0.022
0.018
0.018
0.018
0.017
0.110
0.087
0.082
0.074
0.058
0.055
0.049
0.040
0.035
0.030
0.380
NYLI WMC Value Fund
Investor Class
MSMIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_678_60a0861e_0a60_b9dc_a01e_5a7da892d118;">semiannual shareholder report</span> contains important information about NYLI WMC Value Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
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 six months?</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>66</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;">1.25<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;">Annualized.</div> </td> </tr> </table>
66
0.0125
<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 semiannual reporting periods 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 period 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. One of the Fund's subadvisors changed effective January 9, 2017, and the Fund's principal investment strategies changed effective February 28, 2017 and March 13, 2017. Effective April 26, 2021, the Fund replaced both of its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g16063chartimages_5371270.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 Period 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;">Six<br/>Months<sup style="font-size: 10px;">1</sup></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;">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;">2/28/2008</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;">6.50<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;">17.07<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;">7.52<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;">11.66<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;">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;">12.11<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;">23.23<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; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.63<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;">12.30<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;">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;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 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;">Russell 1000<sup style="font-size: 10px;">®</sup> Value 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;">14.13%</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;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</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;">11.22%</td> </tr>
<tr style="border-bottom-width: 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 Large Value Category Average<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: 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;">11.40%</td>
<td style="break-inside: avoid-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;">26.16%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</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: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.26%</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;">Not annualized.</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 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;">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 Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</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;">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; 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 Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. 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
2008-02-28
0.0650
0.1707
0.0752
0.1166
Investor Class Shares - Excluding sales charges
0.1211
0.2323
0.0863
0.1230
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1126
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>943,453,841<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;">64<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;">23<span>%</span></td> </tr> </table>
943453841
64
0.23
<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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;">JPMorgan Chase & 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;">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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & 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;">2.3<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;">Cisco Systems, 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, 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;">1.8<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;">Pfizer, 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;">1.8<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;">Sempra</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Diamondback 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;">1.7<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 Industries </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;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<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;">Capital Markets</td>
<td style="break-inside: avoid-page; text-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></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-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;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<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;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<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;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-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;">Health Care Providers & Services</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communications Equipment</td>
<td style="break-inside: avoid-page; text-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; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-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;">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;">38.0<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;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<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;">JPMorgan Chase & 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;">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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & 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;">2.3<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;">Cisco Systems, 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth 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;">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; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, 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;">1.8<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;">Pfizer, 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;">1.8<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;">Sempra</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<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;">Diamondback 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;">1.7<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>
0.055
0.036
0.026
0.023
0.022
0.022
0.018
0.018
0.018
0.017
0.110
0.087
0.082
0.074
0.058
0.055
0.049
0.040
0.035
0.030
0.380
Excluding short-term investments
Less than one-tenth of a percent.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 Multisector Bond Category Average is representative of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 Multisector Bond Category Average is representative of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Annualized.
Not annualized.
The Fund has selected the JPMorgan EMBI Global Diversified Index to represent a broad measure of market performance. The JPMorgan EMBI Global Diversified Index is a market-capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.
Not annualized.
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 Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. 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.
Annualized.
Not annualized.
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 Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
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 Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
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.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
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 Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Not annualized.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
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 Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. 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.
Annualized.
Not annualized.
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 Fund has selected the JPMorgan EMBI Global Diversified Index to represent a broad measure of market performance. The JPMorgan EMBI Global Diversified Index is a market-capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
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 Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Morningstar Emerging Markets Bond Category Average is representative of funds that invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. 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.
Annualized.
Not annualized.
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 Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
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 Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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.
Annualized.
Not annualized.
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 Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
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 Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
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 Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
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 Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Morningstar Emerging Markets Bond Category Average is representative of funds that invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. 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.
Annualized.
Not annualized.
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 Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
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 Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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.
Annualized.
Not annualized.
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 Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
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 Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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.
Annualized.
Not annualized.
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 Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
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 Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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.
Annualized.
Not annualized.
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.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
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.
Not annualized.
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. 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.
Annualized.
Not annualized.
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 Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
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 Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. 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 ICE BofA U.S. Convertible Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible only to common stock.
The Morningstar Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. 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 ICE BofA U.S. Convertible Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible only to common stock.
The Morningstar Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. 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.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. 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 Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The ICE BofA U.S. Convertible Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible only to common stock.
The Morningstar Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. 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 ICE BofA U.S. Convertible Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible only to common stock.
The Morningstar Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
Excluding short-term investments
The Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested.
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested.
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested.
Less than one-tenth of a percent.
Annualized.
Not annualized.
The Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested.
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.
Morningstar Global Moderate Allocation Category Average funds 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.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.
Morningstar Global Moderate Allocation Category Average funds 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.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.
Morningstar Global Moderate Allocation Category Average funds 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.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Excluding short-term investments
Not annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.
Morningstar Global Moderate Allocation Category Average funds 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.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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 Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.
Morningstar Global Moderate Allocation Category Average funds 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.
Excluding short-term investments
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
The ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.
Not annualized.
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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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 Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.
Morningstar Global Moderate Allocation Category Average funds 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.
Excluding short-term investments
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Not annualized.
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 Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
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 Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
Excluding short-term investments
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. 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.
Annualized.
Not annualized.
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 Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. 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.
Annualized.
Not annualized.
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 Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
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 Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. 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.
Annualized.
Less than one-tenth of a percent.
Not annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index.
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.
The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the JPMorgan EMBI Global Diversified Index to represent a broad measure of market performance. The JPMorgan EMBI Global Diversified Index is a market-capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.
The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.
The Morningstar Emerging Markets Bond Category Average is representative of funds that invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.
The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.
The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Morningstar Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. 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.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Morningstar Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. 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.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Morningstar Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. 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.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Morningstar Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. 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.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Morningstar Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. 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.
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Morningstar Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the JPMorgan EMBI Global Diversified Index to represent a broad measure of market performance. The JPMorgan EMBI Global Diversified Index is a market-capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 Multisector Bond Category Average is representative of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Annualized.
Not annualized.
The Morningstar Emerging Markets Bond Category Average is representative of funds that invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. 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. The Bloomberg U.S. Aggregate Bond Index 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 Multisector Bond Category Average is representative of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index 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 Multisector Bond Category Average is representative of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.